Gold Market
Gold prices surpassed $4,400 per ounce after US consumer inflation softened in July, encouraging expectations that the Federal Reserve will leave interest rates unchanged at its upcoming policy meeting.
Gold stabilised below $4,400 during Asian trading on Wednesday as rising energy prices and renewed US rate hike expectations offset recent safe-haven gains ahead of key inflation data.
Gold dipped slightly to $4,381 per ounce on Tuesday as investors paused ahead of key US consumer price index figures and monitored Middle East risks.
Gold hit a two-month high of $4,435 per ounce before pulling back as surging crude oil prices renewed inflation fears and pushed market expectations toward a potential Federal Reserve interest rate hike.
Gold climbed beyond $4,400 per troy ounce on Tuesday to hit a two-month high, driven by soft US employment figures and rising Middle East geopolitical risks.
Gold moved higher to around $4,352 per troy ounce as delayed negotiations over the Strait of Hormuz and upcoming US inflation figures kept market participants on standby.
Gold took a breath on Monday, trading near $4,345 per ounce after last week's 7% surge. Markets are weighing Federal Reserve rate expectations ahead of crucial US inflation figures.
Spot gold rose above $4,320 per troy ounce as China's central bank extended its official reserve accumulation to 21 consecutive months alongside rising investment demand.
Indian gold rates eased on Monday to INR 13,273.12 per gram as global benchmark prices pulled back from seven-week highs near $4,372 per ounce amid a strengthening US dollar.