Gold Soars on Easing Inflation and Central Bank Buying

The recent economic data has provided some relief to investors, with easing inflation, steady initial jobless claims, weaker-than-expected PPI, and a surprising decline in retail sales.

This could give the Fed another reason to hold off on raising interest rates at its Sept. 16 meeting.

The Central Bank of China has been actively purchasing gold, with 640,000 ounces acquired in July, the highest monthly amount since October 2023.

Gold ETF inflows have reached $3.3 billion, the strongest level since April, with broad-based buying led by Europe, North America, and China.