Gold rally takes a breather ahead of US inflation data
GLD•Other precious metals
Among other metals, spot silver XAG= gained 0.3% to $68.81 per ounce, platinum XPT= rose 0.5% to $1,866.71, and palladium XPD= climbed 0.8% to $1,336.76.
Gold eases ahead of U.S. inflation data
Gold prices eased on Wednesday, on track to snap a three-session winning streak, with focus shifting to U.S. inflation data due later today for signals on the Federal Reserve's outlook on interest rates.
Spot gold XAU= fell 0.6% to $4,630.72 per ounce by 0745 GMT, after prices climbed to their highest since May 14 on Tuesday following the U.S. Treasury Department's recent bond buyback announcement.
U.S. gold futures GCcv1 dropped 0.2% to $4,687.20.
Geopolitics and China imports support demand
On the geopolitical front, Iran said it had restarted talks with neighbor Oman to manage the Strait of Hormuz as it faces heightened economic pressure from U.S. President Donald Trump in the wider conflict.
Meanwhile, China's net gold imports via Hong Kong in July rose about 11% from a month earlier, data showed on Tuesday, supported by an uptick in investment demand.
Markets await PCE inflation and Jackson Hole remarks
“Gold prices are subdued today as the rally looks technically stretched and markets adopt a cautious stance ahead of key events that can shape its trajectory," said Nikos Tzabouras, senior market analyst at Jefferies-owned Tradu.com.
The U.S. Personal Consumption Expenditures (PCE) inflation report for July is due at 1230 GMT, along with Fed Chair Kevin Warsh's remarks at the Jackson Hole Symposium on Friday.
