Gold prices near $3335/oz as market anticipates Fed rate cut. CPI slightly below expectations, keeping rate cut optimism alive. PPI surprises at +0.9%, but inflation fears not confirmed yet. All eyes on Powell’s Jackson Hole speech for policy clues. Market focused on US inflation and Fed rate cut projections.

July’s CPI data crucial for Fed rate cut decisions. Traders hoped for lower inflation numbers to support rate cuts. Core inflation slightly higher but within normal range. Fed cautious due to risk of inflation climbing later. Producer Price Index above expectations, indicating higher raw material costs for producers.

Gold market reacts cautiously to inflation data. Support at $3330/oz, buyers still interested. No push towards $3400 as market prices in rate cut. Producer prices surprise met with tepid reaction, no change in rate cut expectations. Gold likely to close week at $3335/oz.

Jackson Hole Symposium to provide insight on Fed’s inflation outlook. Powell’s speech to guide monetary policy for next few months. Traders await signals on inflation impact on rate decisions. Enjoy the weekend, market recap next week.

Read more at Yahoo Finance: Inflation Data Keeps Gold Steady as Fed Rate Cut Bets Hold