Gold Tops $4,400 as Investors Await US Inflation Data

Gold prices rose for a third consecutive day to reach their highest level in over two months. The metal reached $4,432.74 per troy ounce at 02:17 GMT on Tuesday (11/8), surpassing its previous high of $4,400 set on June 5.

The increase was driven by fear of missing out among investors who missed the decline to $4,000, according to IG market analyst Tony Sycamore. Additionally, speculative accounts closed short positions and renewed demand for safe-haven assets contributed to the rise in gold prices.

US consumer price index (CPI) data due on Wednesday and producer price index (PPI) data on Thursday are expected to shape monetary policy expectations. A slowdown in economic growth without a significant increase in inflation could lead markets to reduce expectations of tighter monetary policy, making the dollar more vulnerable and providing a supportive backdrop for gold.

Spot silver prices rose 0.9% to $66.30 per troy ounce, while platinum gained 0.7% to $1,765.26 per troy ounce and palladium increased by 0.8% to $1,394 per troy ounce.