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Gold holds steady as traders await key US inflation report
Gold held steady near $3,395 an ounce as the market paused ahead of critical US inflation data. The report will be crucial for gauging the Federal Reserve’s next move on interest rates.
Gold prices paused after a two-day climb as traders awaited a critical U.S. inflation report that could signal the Federal Reserve’s next move on interest rates.
The metal held near $3,395 an ounce, with all eyes on Friday’s Personal Consumption Expenditures (PCE) data – the Fed’s preferred inflation gauge. A strong reading could pressure the central bank to delay rate cuts, which typically hurts gold.
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The market is still betting on a high probability of a cut next month. However, concerns are growing over the Fed’s independence after President Trump attempted to remove Governor Lisa Cook. A less independent Fed could shake investor confidence and potentially boost gold’s appeal as a safe haven.
Meanwhile, silver, platinum, and palladium all saw gains.
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Editorial Note
This article aggregates publicly available market and broker updates from the source CMS. Verify time-sensitive data directly with official sources before making decisions.
Last update: Aug 28, 2025