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Gold dips amid U.S. inflation focus
Gold prices slightly declined after reaching their highest level in over three months, as investors awaited U.S. inflation data for July, which will clarify the Federal Reserve's interest rate path. The market is focusing on the Personal Consumption Expenditures (PCE) report as a key inflation indicator. With the anticipated balanced message from Federal Reserve Chair Jerome Powell, it is expected to reduce real inflation returns and encourage gold purchases. Meanwhile, negotiations between Iran and Oman regarding the Strait of Hormuz led to a decline in oil prices, while the IMF Director warned of worsening financial conditions in some countries worldwide.
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