Gold Touches US$4,400 as Traders Eye Inflation Data

The price of gold has reached US$4,400 an ounce as traders await the release of key US inflation data. The precious metal rose after adding 3.6% over the previous two sessions.

Technical buying was triggered by gold breaking through its 100-day moving average on Monday. This momentum is driven in part by increased inflows from gold-backed exchange-traded funds in China.

The US inflation data due out Wednesday will provide crucial insight into the Federal Reserve's interest rate hike plans. The median projection among economists surveyed by Bloomberg suggests a 0.1% rise in consumer prices for July, following a 0.4% decline in June.