Gold Ticks Over $4,400 Amid Inflation Report Jitters
Gold prices touched $4,400 an ounce in early trading on Tuesday, as investors focus on upcoming US inflation data that could provide clues to the Federal Reserve's interest rate hike plans.
The metal has been gaining strength after adding 3.6% over the previous two sessions, with technical buying driven by its ascent through the 100-day moving average on Monday.
Traders are now looking ahead to Wednesday's US inflation report, which is expected to show a 0.1% rise in consumer prices for July, following a 0.4% decline in June, according to a Bloomberg survey of economists.
However, pressure on the Federal Reserve to raise interest rates will build if energy prices remain high, as oil held onto its three-day gain on Tuesday after US President Donald Trump's new demands on Iran clouded the outlook for a deal to reopen the Strait of Hormuz.