August gold futures open lower amid small business price hike plans and upcoming inflation reports pressuring Fed policy expectations.
Gold August futures opened at $4,354.70 per troy ounce on Tuesday, down 0.2% from Monday’s close, before edging up to $4,356. The metal remains in a lower range compared to last week’s $4,500 levels, reflecting cautious trading ahead of key inflation data.
Small businesses are signaling further price increases, with 34% planning hikes—the highest since July 2022—while 36% already raised prices, the most since March 2023. This trend may reinforce expectations for Fed rate hikes, weighing on non-yielding assets like gold.
Oil prices eased after Israel and Iran paused hostilities, but inflation concerns dominate market sentiment as traders await this week’s reports.