Gold Soars to Two-Month Peak Ahead of Critical U.S. Inflation Data
Gold prices advanced to a two-month peak on Wednesday ahead of the release of critical U.S. inflation data, which is expected to influence Federal Reserve monetary policy direction.
The spot gold price increased by 0.7% to approximately $4,400 per ounce, while futures contracts for gold gained 0.4% to $4,459.30. Silver posted a 1.8% rally to $65.88 per ounce, and platinum appreciated 0.7% to $1,755.16.
Market strategists at Saxo Bank noted that investors are monitoring whether gold's advance beyond $4,200 possesses sufficient upward momentum to challenge the 200-day moving average positioned near $4,500. This technical level, combined with resistance around $4,460, represents the immediate challenge for bullion.
Gold-backed exchange-traded funds recorded their fifth consecutive day of inflows, with holdings reaching a six-week peak. The People's Bank of China purchased gold for the 21st month running in July, accumulating approximately 640,000 troy ounces.