Gold slips as investors await key US inflation data

Gold prices retreated on Wednesday, after surging to a three-month high the previous day, as investors awaited crucial US inflation data to decipher the trajectory of interest rates. By Wednesday, spot gold had slipped by 0.3 percent, trading at $4,642.74 per ounce. Two days prior, on Tuesday, gold prices had reached their peak since mid-May, buoyed by an increase from the previous week following the US Treasury's announcement of a bond repurchase.

However, gold futures on US markets saw a slight uptick of 0.1 percent, settling at $4,700.70. Reuters reported that the eagerly anticipated US Personal Consumption Expenditures (PCE) price index data for July, considered the Federal Reserve's preferred inflation indicator, was expected to be published soon. Wang Tao, a Reuters technical analyst, suggested that spot gold could potentially test resistance at $4,681, and a breakout above this level might propel gains towards the $4,707–$4,743 range.

Other precious metals experienced varying trends, with spot silver rising 0.9 percent to $69.26, platinum increasing 0.4 percent to $1,865.09, and palladium surging 1.3 percent to $1,343.75.