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The Economic Times

Gold inches up near two-month high as markets await US inflation data

AI Market Summary
Gold is firm near a two-month high as markets await US CPI and PPI for confirmation that disinflation is continuing. Softer US jobs data has reduced near-term Fed tightening expectations, improving the relative appeal of non-yielding bullion, while geopolitical headlines and elevated oil add to hedging demand. Other precious metals are softer, suggesting the move is primarily gold-specific positioning into macro data.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.76%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Gold prices edged higher near a two-month high as markets waited for upcoming US inflation readings. Spot gold was at $4,396.87 an ounce after touching $4,434.84, the highest since June 5, while US gold futures rose 0.8% to $4,456.10. Traders see about a 50% chance of a rate increase in September and a 79% chance in December.
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