Gold price inflation climbs to $4,400 ahead of US CPI data
Gold traders are holding their breath. With the U.S. Consumer Price Index report due out and expected to move markets, the metal climbed to roughly $4,400 an ounce on Wednesday, extending a rally that has investors weighing how the next reading on gold price inflation trends could reshape the Federal Reserve’s rate path. Add in a tense standoff over the Strait of Hormuz and a steady stream of Chinese central bank purchases, and gold’s latest push looks less like a fluke and more like a convergence of forces all pointing the same direction.
Key takeaways
- Spot gold rose 0.7% to about $4,400.02 an ounce on Wednesday, with futures up 0.4% to $4,459.30 ahead of the U.S. CPI release.
- ETF inflows into gold stretched to a fifth straight session, pushing total holdings to a six-week high.
- China’s central bank added roughly 640,000 troy ounces to its reserves in July, its 21st consecutive month of buying.
- Gold needs a sustained break above $4,460 and the 200-day moving average near $4,495 to open a path toward $5,000, according to IG’s Tony Sycamore.
- Uncertainty over the Strait of Hormuz continues to unsettle energy markets, adding a geopolitical layer to the inflation story.
Gold Prices Climb Ahead of U.S. Inflation Data
Gold edged higher because traders are positioning themselves before a data release that could tilt the Federal Reserve’s next move. At around 07:22 GMT on Wednesday, spot gold rose 0.7% to $4,400.02 an ounce, while I futures sull’oro statunitense hanno registrato un incremento dello 0.4% raggiungendo $4,459.30. L’argento è salito dell’1.8% a $65.88 per oncia, mentre il platino ha guadagnato lo 0.7% attestandosi a $1,755.16, showing the rally wasn’t confined to bullion alone.
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