Gold – bulls pause below fresh record peak as markets await key US inflation data

Gold prices traded in a tight consolidation below a fresh record high on Thursday, slowing momentum ahead of the release of US inflation data.

Expectations point to higher US consumer prices in August, largely driven by import tariffs, though some optimism followed Wednesday’s weaker-than-expected producer price index, which reinforced bets on a Fed rate cut next week.

The Fed is broadly anticipated to lower rates by 25 basis points after a run of soft economic data highlighted a weakening labor market, with growing speculation that a 50-basis point cut could also be considered.

Stronger-than-forecast CPI figures could weigh on gold, while weaker readings would likely extend the rally.

The broader outlook remains constructive, supported by heightened geopolitical risks and a deteriorating global economic backdrop that continue to sustain safe-haven demand.

However, overbought signals on the daily chart leave scope for partial profit-taking, though any pullbacks are expected to be shallow and seen as opportunities to rejoin the prevailing bullish trend.

Res: 3657; 3674; 3690; 3700
Sup: 3600; 3577; 3567; 3536