Gold?s 15% August rally keeps prices near $4,700

Gold eased below $4,700 an ounce in Wednesday?s electronic trade but remained close to three-month highs as investors awaited the latest US PCE inflation report, the Federal Reserve?s preferred measure of inflation. Gold is on track to end August with a whopping 15% rally, or more than $600, with US Treasury moves emerging as a major catalyst behind the latest surge. Silver has also advanced around 19% this month, supported by Treasury developments, geopolitical tensions, strong central-bank demand and tightening supplies. The dollar index slipped below 99 ahead of the PCE data and Fed Chair Kevin Warsh?s Jackson Hole speech on Friday, while falling oil prices for a third straight session eased inflation concerns and reduced safe-haven demand for the greenback. On MCX, October gold futures traded nearly 0.5% lower at ₹1,62,275 per 10 grams.

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