Gold slips after three-month high as Fed and inflation eyed
Gold falls to around $4,620/oz after a more-than-three-month high of $4,696.2 earlier, with attention on US inflation, Fed Chair Kevin Warsh’s Jackson Hole speech, and Treasury liquidity buybacks.
Gold prices fell to around $4,620 an ounce on Tuesday after reaching a more than three-month high of $4,696.2 earlier in the session, as the rally lost momentum ahead of US inflation data and Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole Symposium later this week.
Investors are also assessing the US Treasury’s decision to double liquidity-support buyback operations for longer-dated notes and bonds, which helped push the dollar to a more than three-month low last week.
Markets are currently pricing in a 38% chance of a US rate hike in September, according to the CME FedWatch Tool.
Meanwhile, China’s net gold imports via Hong Kong rose around 11% month-over-month in July, supported by stronger investment demand.
On the geopolitical front, Iran pledged to resist expanded US sanctions, expressing confidence that major trading partners would reject the pressure campaign while signaling that Washington remained interested in reviving talks.