Gold Pulls Back Ahead of US PPI Data

2026-08-13 06:39 By Jam Kaimo Samonte 1 min. read

Gold slipped below $4,400 an ounce on Thursday after reaching a ten-week high earlier in the session, as investors adopted a cautious stance ahead of US producer inflation data for further insights on recent price trends.

Data released Wednesday showed US consumer inflation eased for a second consecutive month to 3.4% in July, while increasing just 0.1% from the previous month.

Markets now see around a 40% chance of a 25 basis point rate hike from the Federal Reserve in September, down from nearly 50% a day earlier.

Gold also remained under pressure from elevated oil prices as hopes for a deal to reopen the Strait of Hormuz stayed limited.

Escalating rhetoric between the US and Iran amid stalled negotiations further reduced expectations for an imminent agreement.



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Gold Slides Below $4,000
Gold prices fell below $4,000 an ounce on Friday, hitting their lowest level since mid-July and putting the precious metal down almost 4% for the week, as rising oil prices strengthened expectations that US interest rates will remain higher for longer. Brent crude surged to a four-year high after Houthi attacks in Saudi Arabia heightened concerns over further energy supply disruptions. Meanwhile, recent US data showed consumer and producer inflation rising more than expected, largely driven by higher energy costs, reinforcing concerns over persistent inflationary pressures. Despite this, Federal Reserve officials are widely expected to leave interest rates unchanged at their October 27–28 meeting. Markets currently price in just a 10% chance of a rate hike next week, compared with odds of around 80% for December, according to CME’s FedWatch Tool. Investors now await US PCE inflation data due October 29 for further clues on progress towards the Fed’s 2% inflation target.
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