Front-month gold and silver futures settle higher after July’s year-over-year CPI rise of 3.4% is seen as in-line. The softened inflation outlook gave precious metals support—making it four straight sessions that gold futures close higher, while silver is now up 8 out of the past 11 trading sessions, according to Fact Set. Front month gold finishes up 0.6% to $4408.90 a troy ounce. Silver closes up 1.2% to $65.555 a troy ounce.

Gold futures are higher, and may move up more on the back of a tame July inflation reading. “We anticipate prices rising above the $4,500 [per troy ounce] level, enhancing the prospects for a stronger rally, with gold potentially reaching new record highs by year-end,” says Peter Cardillo of Spartan Capital Securities in a note. Gold rises 0.8% to $4,478/oz.

Palm oil ended lower following overnight losses in soybean oil. Meanwhile, the expectations of Malaysia’s abundant tropical oil supply also pushed the price lower, Kenanga Futures says in a research note. However, anticipations of stronger exports to India and higher crude oil prices amid U.S.-Middle East tensions may cap losses. The Bursa Malaysia Derivatives contract for October delivery ended 51 ringgit lower at 4,697 ringgit a ton.