Gold nears $4,500 as markets await US inflation data

Gold regained momentum toward the $4,500-an-ounce mark in Asian electronic trade on Wednesday, clawing back the previous session?s losses as investors positioned ahead of crucial US inflation data. The figures could shape expectations for the Federal Reserve?s September rate decision, with elevated oil prices adding a hawkish undertone to the outlook. Beyond the macro picture, gold continues to draw robust fundamental support from central-bank buying. The People?s Bank of China purchased 640,000 troy ounces of gold in July, its largest monthly addition since 2023, taking its buying streak to 21 consecutive months and highlighting persistent official-sector demand.

Powered by Commodity Insights