Mild inflation data triggers profit-taking, gold price retreats from two-month high

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智通财经2026/08/14 01:56

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On Friday during the Asian session, spot gold once fell by 0.85% to $4,313.18 per ounce, after climbing to a high of $4,449.59—the highest since June 5—in the previous session before giving back gains. The US July Producer Price Index remained flat, and, combined with previously moderate consumer inflation data, further strengthened market expectations that the Federal Reserve will keep interest rates unchanged in September. After several sessions of failed upward attempts, some bulls took profits, putting pressure on gold prices.
Although market expectations for a rate hike in September have significantly declined, Cleveland Fed President Loretta Mester reiterated her stance of supporting an immediate rate hike to curb economic overheating and high inflation.
On the geopolitical front, Washington on Thursday threatened to indefinitely maintain its maritime blockade of Iran, while ceasefire negotiations stalled. This has also offered support to oil prices, and the market's expectation for at least one rate hike this year remains high.
Despite short-term pressure, central bank demand for gold continues to support prices. The Bank of Korea disclosed that it holds around $250.4 million worth of SPDR Gold Trust shares, marking its first involvement in gold investments since 2013. Meanwhile, Venezuelan authorities plan to recover about $4 billion worth of gold reserves stored at the Bank of England to cope with a domestic crisis as the monthly inflation rate surges to 20%.

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