26.08.202600:04:47UTC+00Gold Steadies Ahead of US PCE Inflation Data

Gold traded around $4,650 an ounce on Wednesday, holding near three-month highs as investors awaited the latest US PCE price index release, the Federal Reserve’s preferred inflation gauge. Markets are also focused on Fed Chair Kevin Warsh’s upcoming speech at the annual Jackson Hole symposium on Friday, though he is not expected to offer explicit guidance on the central bank’s September policy decision.

Investors continued to digest the US Treasury’s move to double liquidity-support buyback operations for longer-dated notes and bonds, a step that helped push the dollar to its lowest level in more than three months last week. At the same time, oil prices fell for a third straight session, easing inflation concerns and further reinforcing the bullish case for gold.

In other developments, China’s net gold imports via Hong Kong rose about 11% month over month in July, driven by stronger investment demand.