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Let's take a look at gold. Seeing some pressure this morning. Now, this is typically seen as an inflation hedge, but now facing a level of moderation in the US. This comes after the consumer prices index showed an increase of 2.9% over the prior year in July, breaking below a 3% annual reading for the first time since 2021. From on what we're seeing in the broader commodities space. Let's get to Andrew Critchlow, S&P Global commodity insights, global head of news. Andrew, it's great to speak with you. So let's let's start on gold following that CPI print. I'm curious from your perspective, how much of the drive up and gold that we've been seeing throughout the year is driven by concerns about the macro picture and inflation or if it's something else under the hood that we may not be seeing. I mean, it's up what, 19% year to date?

Yeah, it's a great question. Well, there's three pillars really underpinning the gold price and these are pretty common across all commodities actually. But if you look at it from the perspective of inflation, yes, a higher inflationary environment, gold is the ultimate hedge against those inflationary risks. We're now starting to see those abate, yes in the US, but we've still got pockets of inflation and cost of living issues around the world. Gold is going to continue to be a hedge to that. So, you know, yes, we might see a pullback in gold prices following this US print, but we're still close to $6,500, $2,500 a troy ounce, which is a pretty incredible level for gold at the moment. Now, the other pillar to this story is India. India, a massive consumer of gold globally, and we've got very rapid economic growth in India. We were over 8% GDP growth fiscal year 23 to 24. That's expected to continue by most economist measure. India's really a driver of the fundamentals of demand covering the gold price. And then you've got the third pillar, which is really geopolitical risk and let's face it, as far as commodities are concerned, there is a lot of that whether it's to do with the Middle East, whether it's to do with trade, whether it's just to do with this unprecedented year of elections around the world and the changes that will make in policy. Gold is a hedge to that risk. So those pillars really haven't changed.

Is gold set up for more continued upside momentum kind of regardless then of the degree of rate cuts that we'll see for the course of this year?

Well, it's such a mixed picture on inflation and rate cuts globally. I mean, you know, inflation in the UK, you know, we've had a little dip back up recently on that number. Now, of course, the UK, relatively small economy considering some of the big drivers to gold globally, but you know, whenever you get rapid economic growth in these developing markets like India, then inflation comes with that. I was recently back from India and Delhi on a business trip two weeks ago and you can just see the boom that's going on there, booming investment, booming business activity, booming the economy. That all drives inflation, cost of living, etc. Gold is a massive hedge to that. Now, it can weigh down on demand. That might have some downward pressure on gold prices going forward, but it's really that consumer demand that's driving the fundamentals behind the gold market.