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13.08.202606:39:54UTC+00Gold Pulls Back Ahead of US PPI Data

Gold fell below $4,400 an ounce on Thursday after touching a ten-week high earlier in the session, as investors turned cautious ahead of US producer inflation data, seeking further clarity on recent price trends. Figures released on Wednesday showed that US consumer inflation eased for a second straight month to 3.4% in July, rising just 0.1% from the previous month. Markets now assign roughly a 40% probability to a 25 basis point rate increase by the Federal Reserve in September, down from nearly 50% a day earlier. Gold also faced headwinds from elevated oil prices, as prospects for a deal to reopen the Strait of Hormuz remained limited. Heightened rhetoric between the US and Iran, alongside stalled negotiations, further dampened expectations of an imminent agreement.

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