Gold Price Rises Above $4,400 as U.S. Inflation Data and Iran Talks Weigh on Markets
TLDR
- Gold rose past $4,400 an ounce, its highest level in over two months
- The rally follows a 2.4% jump on Friday after weak U.S. jobs data
- Traders are watching Wednesday’s CPI and Thursday’s PPI inflation reports
- Stalled U.S.-Iran talks and Strait of Hormuz uncertainty are pushing oil prices higher
- China’s central bank increased gold reserves in July by the most since October 2023
Gold is pushing higher as investors keep a close eye on U.S. inflation data and ongoing diplomatic tensions around the Strait of Hormuz.
Spot gold climbed 0.4% to $4,407.79 an ounce on Tuesday. Gold futures gained 1.1% to $4,467.59. The metal is now at its highest point in more than two months.
The latest move builds on a strong two-session run. Gold added 3.6% over Monday and Friday combined, after U.S. nonfarm payrolls came in weaker than expected for July.
Monday’s close near $4,390 was the highest daily finish in almost ten weeks. The metal has now recovered from a June low of $3,942.
Inflation Data in Focus
Traders are waiting on Wednesday’s consumer price index report. Economists expect a 0.1% rise in July, following a 0.4% decline the month before.
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