Gold price moved one step closer to its record high on Tuesday, hitting $2,476.81 during Asian trading hours.
XAU/USD Current price: $2,470.00 The United States will publish the July Consumer Price Index on Wednesday. Financial markets adopted a cautious stance ahead of first-tier figures from the US and the UK. XAU/USD consolidates near record highs, bulls hold the grip. XAU/USD, however, spent most of the day stuck to its daily opening level at around $2,470 as market players turned cautious ahead of first-tier headlines.
Indeed, inflation figures will have a saying, as softer-than-anticipated CPI numbers will further pave the way towards lower rates. Ahead of the event, the US published the July Producer Price Index , which rose 0.1% MoM in July as expected, while the annual increase resulted at 2.2%, below the 2.3% anticipated and the previous 2.7%. The core annual inflation at wholesale levels eased from 3% in June to 2.4%.
Gold Recommended Fed Inflation
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