Gold Prices Ease Amid Wait for Key Inflation Data

Gold prices eased on Wednesday after reaching a three-month high in the previous session. The market is waiting for key US inflation data, which could influence the Federal Reserve's interest-rate path.

The spot gold price decreased by 0.3% to $4,642.74 per ounce at 0410 GMT. US gold futures rose by 0.1% to $4,700.70.

The Federal Reserve's preferred inflation gauge, the PCE price index for July, is due at 1230 GMT. Traders are also looking forward to Fed Chairman Kevin Warsh's speech on Friday at the Jackson Hole symposium.

Financial markets strategist Wael Makarem said that a softer-than-expected inflation reading combined with a dovish message from Warsh could be supportive of gold prices, reducing the opportunity cost of holding a non-yielding asset.