FX.co ★ Gold Gains Ahead of US CPI Data

Gold prices experienced a recovery to approximately $3,350 per ounce on Tuesday, following a notable decline in the previous session. This rebound occurred as investors redirected their attention to the upcoming U.S. consumer inflation report, which is anticipated to offer new insights into the Federal Reserve's future interest rate strategy. On Monday, the value of gold decreased by 1.7% after President Donald Trump stated that gold would not be impacted by tariffs, countering earlier reports that suggested potential duties on bullion imports. Concurrently, President Trump extended a truce with China for another 90 days, just before the imposition of new tariffs was set to take effect, alleviating trade tensions between the world's two largest economies. Additionally, market participants are anticipating an upcoming meeting between President Trump and Russian President Vladimir Putin scheduled for August 15 in Alaska, aimed at negotiating the resolution of the conflict in Ukraine.