Gold Prices Retreat as Investors Await US Inflation Data

Gold prices retreated slightly on Wednesday after hitting a more than three-month high in the previous session. The precious metal eased 0.3% to $4,642.74 per ounce by 0410 GMT, following sharp gains last week due to the US Treasury's bond buyback announcement.

The market is now awaiting the release of the US Personal Consumption Expenditures (PCE) price index for July, which is expected to provide insight into the Federal Reserve's interest-rate path. The Fed's preferred inflation gauge is due at 1230 GMT, and its outcome will likely influence investors' views on gold prices.

US gold futures rose 0.1% to $4,700.70, while attention remains focused on Fed Chairman Kevin Warsh's remarks and their potential impact on the market.