Gold declines after three-month high

Gold prices retreated after reaching their highest level in more than three months, as investors awaited U.S. inflation data to determine the course of interest rates. The spot price of gold decreased by 0.41%, to approximately $4,640.53 per ounce, while U.S. futures rose slightly by 0.1% to around $4,700.70. The release of the July Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve's preferred inflation measure, along with Federal Reserve Chair Jerome Powell's speech on Friday, is highly anticipated. Markets expect inflation to either decline or stabilize, which would support expectations of lower real yields and reduced gold holding costs. Furthermore, declining confidence in U.S. fiscal sustainability is impacting prices, with expectations that interest rates will remain steady at 61.6% in September, following weaker-than-expected employment data and resilient inflation. On the geopolitical front, Iran’s recommencement of talks with Oman regarding the Strait of Hormuz has contributed to a decline in oil prices. Gold is expected to face resistance around the $4,681 level, with potential for prices to rise to a range between $4,707 and $4,743.

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