Gold prices hit over two-month high ahead of US inflation data

Gold prices rose for a third consecutive trading session on Tuesday to reach their highest level in more than two months, as investors await the release of US inflation data that could influence the Federal Reserve's upcoming interest rate policy.

As of morning trading on August 11, spot gold traded at approximately $4,394 per troy ounce, while silver stood at around $65.03 per ounce.

Market participants are anticipating the US Consumer Price Index report. Softer inflation metrics could reduce expectations for interest rate hikes and bolster demand for gold, which yields no interest. In the previous session, gold also gained ground on strong technical momentum and increased bullion purchases by the People's Bank of China.

N.Tebrizli

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