Gold Price Retreats Amid PPI Data Uncertainty
Gold prices retreated slightly on August 13 after hitting a two-month high as investors awaited further signals from U.S. Producer Price Index (PPI) data on monetary policy trajectory.
The precious metal slipped 0.5% to $4,383.53 per ounce at 6:01 a.m. GMT, following a recent strong rally fueled by Consumer Price Index (CPI) data. This drop came as investors scaled back expectations for Fed policy tightening amid signs of economic weakness.
Tim Waterer, senior market analyst at KCM Trade, noted that the precious metals market is entering a consolidation phase after the strong rally. He said traders appear content to wait for the upcoming PPI data before initiating the next leg higher.
In contrast to gold's decline, Vietnam's fuel prices were adjusted downward across the board effective 3 p.m. on August 13. E5 RON92 gasoline fell by 493 dong per liter, while E10 RON95-III gasoline dropped by 205 dong per liter.