Gold prices are currently benefiting from a weaker dollar and declining treasury yields. The softer-than-expected Producer Price Index (PPI) data for July has further bolstered these conditions, indicating a potential for a 50 basis point rate cut in September.
Investors are now closely monitoring the upcoming Consumer Price Index (CPI) and retail sales data, which are expected to provide key insights into the Federal Reserve's future monetary policy decisions, particularly regarding whether gold prices will continue to rise.
Geopolitical tensions in regions such as the Middle East and Eastern Europe are contributing to increased demand for gold. As uncertainties escalate, the precious metal is likely to be viewed as a safe-haven asset.
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