Gold Awaits US Inflation Data for Next Move

Gold prices are on the rise, hovering near the $4,400 level after finding buyers near $4,350. The market is waiting for the US CPI inflation data release to determine its next move.

The fundamental backdrop remains unchanged, with ongoing tensions between the US and Iran over the Strait of Hormuz keeping oil prices high and inflation concerns elevated.

However, this has not deterred gold bulls, who remain hopeful for another benign inflation report from the US, following the weak nonfarm payrolls print in July that reduced expectations of a Fed interest rate hike in September.