Gold prices slipped to around $4,620 an ounce on Tuesday, retreating from an intraday peak of $4,696.2 — the highest level in more than three months — as the recent rally lost steam ahead of key US inflation data and a speech by Federal Reserve Chair Kevin Warsh at this week’s Jackson Hole Symposium.
Investors are also weighing the US Treasury’s move to double liquidity-support buyback operations for longer-dated notes and bonds, a step that contributed to the dollar’s drop to its lowest level in over three months last week. According to the CME FedWatch Tool, markets now assign about a 38% probability to a US interest rate hike in September.
In China, net gold imports via Hong Kong rose roughly 11% month over month in July, underpinned by stronger investment demand.
On the geopolitical front, Iran vowed to withstand expanded US sanctions, voicing confidence that key trading partners would resist Washington’s pressure campaign, while also indicating that the US remains interested in reviving negotiations.
