Gold prices ticked up in Asian trading on Wednesday, recovering some ground after an overnight retreat triggered by hotter-than-expected U.S. inflation data. The uptick in consumer prices sent the U.S. dollar higher, reducing expectations of near-term interest rate cuts by the Federal Reserve. However, ongoing global uncertainty — especially around tariffs and geopolitical risks — helped preserve some safe-haven demand for the yellow metal.
Spot gold rose 0.4% to $3,339.26 an ounce
Gold futures (September) gained 0.3% to $3,345.40/oz as of 05:32 GMT
The resilience in gold comes despite a stronger U.S. CPI print, which has temporarily dulled the Fed pivot narrative. According to the Economics Calendar API, June’s headline inflation rose 2.7% year-over-year, compared to 2.4% the previous month — signaling persistent pricing pressures.
Still, the metal’s upside is supported by:
Renewed trade tensions stemming from President Donald Trump’s proposed 30% tariffs on EU and Mexican imports
Growing political noise around Fed independence, with Trump allies calling for Jerome Powell’s removal
Russia-Ukraine instability, which continues to stir safe-haven flows
Despite Wednesday’s rebound, gold remains locked within a $3,300–$3,500/oz range, where it has traded for the past three months. The metal has struggled to break higher after April’s record-setting rally and now lags other precious metals in performance.
Platinum and silver have outperformed gold in recent months, driven by:
Relative undervaluation compared to gold
Expectations of rising industrial demand
Tightening global supply dynamics
You can use the Commodities API to track spot prices for precious and industrial metals including gold, silver, and platinum.
Gold continues to sit at the center of two opposing market forces:
On one hand, rising inflation and a firm dollar are capping its momentum
On the other, geopolitical risks and doubts over central bank autonomy are sustaining safe-haven interest
Investors will closely watch upcoming Fed speeches, trade policy announcements, and global CPI prints for clearer direction. Until then, the metal may continue to consolidate in its current range.
