Gold Prices Ease Back from Three-Month Highs Amid PCE Inflation Report

Gold prices eased back from three-month highs after the latest PCE inflation report showed a 3.7% year-over-year increase in July, above the forecasted 3.6%. The data is closely watched by the Fed, and this reading may influence their policy decisions.

Critical Metals CEO Tony Sage noted that gold could continue to benefit from concerns over U.S. debt levels and expectations of a Fed hold at its next meeting. However, a hike is still expected at the following meeting, which could fuel some pressure on the gold price.

The U.S. has expanded its Iran sanctions campaign beyond oil, targeting digital assets, gold, technology, aviation, and shipping under Operation Economic Outcast. Treasury identifies gold as a channel Iran uses to preserve value outside conventional financial systems.