Gold Awaits US CPI Data Release for Next Big Move

Gold prices regained their upside momentum on Wednesday, with the XAU/USD trading at $4,398.04.

The metal's fate hinges on the US Consumer Price Index (CPI) data release, which could determine if Gold stretches higher or corrects sharply.

No fundamental changes have occurred in the backdrop, with the deadlock between the United States and Iran over the Strait of Hormuz talks and Yemen's Iran-aligned Houthis' attacks on shipping keeping oil prices and inflation concerns elevated.

Gold bulls remain hopeful for a benign inflation report from the US, following the weak Nonfarm Payrolls print for July.