XAU/USD rises 1.11% to $4,417 as traders await July CPI figures amid geopolitical tensions and oil market stability.
Gold prices surged above $4,400 on Wednesday, recovering from Tuesday’s rare decline. The move comes as investors focus on upcoming US Consumer Price Index data, which could influence Federal Reserve policy expectations. XAU/USD traded at $4,417, up 1.11% for the day.
July’s CPI is forecast to show a modest monthly increase of 0.1% for headline inflation and 0.2% for core, while annual rates are expected to ease to 3.4% and 2.5%, respectively. The data arrives amid heightened geopolitical risks, including recent attacks in the Red Sea and Gulf of Oman, which analysts warn could disrupt market stability.
WTI crude held near $82, supported by geopolitical tensions and an EIA forecast revision for 2026. Diplomatic efforts to ease US-Iran tensions showed no immediate progress, keeping supply concerns alive.