US Inflation Data Boosts Gold Prices Towards $4,600

Gold prices continued to rise in recent trading sessions after US inflation data matched market forecasts. The consumer price index (CPI) in July increased by 0.1% compared to the previous month, while the core CPI, excluding volatile food and energy prices, rose by 0.2%. These figures are relatively close to analysts' predictions.

This development partly eases concerns that the US Federal Reserve must continue to raise interest rates in the September meeting. As inflation not exceeding expectations is considered a favorable factor for gold, an asset that does not generate yields, gold futures prices increased by 41.2 USD, equivalent to 0.93%. This marks the seventh consecutive session where gold prices have formed higher peaks and bottoms than the previous session.

According to technical analysis based on the short-term declining triangle model, if gold maintains its current price range and convincingly surpasses the resistance level around 4,474 USD/ounce, the next target for futures gold may be around 4,600 USD/ounce. For spot gold, the target range is set around 4,500 USD/ounce.