Gold Prices Fluctuate as Market Waits on US Fed Signals

Gold prices are fluctuating within a narrow range as investors await further signals from the US Federal Reserve (Fed) about interest rates and the strength of the USD.

The spot gold price rose slightly on August 7, reaching $4,257.93 per ounce, up 13.2 USD or 0.31% in the past 24 hours. December gold futures contracts also increased by 0.37%, to $4,315.55 per ounce.

The market is waiting for more information from the Fed about its interest rate policy, particularly with new tensions in the Strait of Hormuz increasing speculation that inflation may rise again.