Gold Price News: Gold price slightly weaker at USD 3,015 – markets await inflation data

The gold price opened at USD 3,021.20 on Tuesday and fluctuated during the trading day between a daily high of USD 3,026.46 and a daily low of USD 3,015.00. At the close of trading, the gold price was USD 3,015.41, down slightly by about 0.19% from the previous day.

The recovery of the US dollar weighed on the gold price in today's trading, as it made the precious metal more expensive for international buyers. At the same time, rising yields on ten-year US government bonds led investors to increasingly favor interest-bearing alternatives, somewhat reducing demand for interest-free gold.

Market participants are eagerly awaiting the publication of US PCE inflation data, which will be made available next Friday. These data could be crucial for the future interest rate policy of the US Federal Reserve. The Fed's continued cautious stance and the prospect of possible interest rate cuts by the end of the year remain fundamentally supportive for the gold price.

US President Trump announced new reciprocal tariffs, leading to growing uncertainty regarding inflation and economic growth and thus supporting gold's appeal as a crisis hedge. On the other hand, diplomatic talks between the US, Russia and Ukraine led to a slight easing of the situation in Eastern Europe. Ongoing tensions in the Middle East continue to support demand for the precious metal.

From a chart perspective, the gold price is currently in a consolidation phase after reaching its latest all-time high of USD 3,057. The zone at USD 3,015 and, below that, the psychologically important USD 3,000 mark, serve as short-term support. On the upside, today's high of USD 3,026 represents the first hurdle before the all-time high can be retested.

The publication of important US inflation data over the next few days is in the foreground, which could provide information about the Fed's future interest rate policy. The combination of geopolitical uncertainties and a possible easing of monetary policy allows analysts to remain optimistic. Experts from Citi even predict a possible short-term increase to up to USD 3,200 per troy ounce.