Gold Retreats Slightly from Three-Month High Amid Fiscal Anxiety and Weaker Dollar
Gold prices have retreated from their three-month high of $4,680.70 after reaching $4,680 on Tuesday, according to TradingView.
The retreat was minor, with spot gold XAU/USD easing by 0.2% to around $4,640. US futures on the metal hovered near $4,696.
Gold has rallied in 12 of the past 15 sessions, driven by a weaker dollar, fiscal anxiety, and fresh US-Iran tension.
The Treasury's decision to double its liquidity-support buybacks of longer-dated Treasuries from September has boosted bullion, as investors seek safe-haven assets due to policy intervention that may weaken the dollar's purchasing power.
July PCE inflation, which is expected to rise 0.2% monthly and 3.3% annually, will be released on Wednesday. A softer print could further weaken the dollar and yields, giving gold another shot at $4,700.