Gold Hits $4,400 as Traders Eye US Inflation Report

Gold prices have reached $4,400 an ounce as traders focus on upcoming US inflation data. This key report may provide clues to the Federal Reserve's interest-rate hike intentions.

The metal saw early gains after adding 3.6% in value over the previous two sessions. Technical buying was triggered by gold breaking through its 100-day moving average on Monday, a sign of recovery following the emergence of dip-buyers and increased inflows from gold-backed exchange-traded funds in China.

Traders are eagerly awaiting the US inflation data, which could influence the Federal Reserve's monetary policy decisions. With gold already at $4,400 an ounce, investors are anticipating further price movements based on the report's findings.