13 August 2024
Gold prices retreated Tuesday morning as investors took profits following Monday’s record closing high, with markets now focused on upcoming U.S. inflation data that could provide insights into the Federal Reserve’s next policy moves. Spot gold dipped 0.3% to $2,465.42 per ounce, despite being up 19% year-to-date. Traders are closely watching for July’s U.S. consumer price index and retail sales figures, which could shape expectations for potential interest rate cuts. Geopolitical tensions and the prospect of rate cuts continue to support gold prices, with analysts projecting further gains by year-end.