Gold Rally Slows Ahead of US Inflation Data Release

The gold rally has slowed down ahead of the US inflation data release. After rising by 14% in August, gold is now trading near $4,700 per ounce, with a key short-term range of $4,500 to $4,700.

July's PCE inflation rate came in at 3.7%, well above the Federal Reserve's 2% target. This has raised concerns about higher interest rates, which can weigh on gold demand.

The upcoming speech by Kevin Warsh at the Jackson Hole symposium is expected to shape rate expectations and determine gold's next major price move. A hawkish message could lift Treasury yields and put pressure on gold, while a softer stance could support another rally.