Overview

• Gold is trading near $3,340–$3,350 per ounce after its steepest weekly decline in months, following a 1.8 percent drop as December COMEX futures settled lower.
• US wholesale inflation jumped at its fastest pace in three years in July, leading traders to pare back expectations for a September Fed rate cut and pressuring gold prices.
• A White House clarification that reports of tariffs on Swiss gold were inaccurate reversed a brief price spike sparked by a Customs and Border Protection note.
• Analysts say a softer dollar and hopes for eventual Fed easing are cushioning bullion even as seasonal physical demand in Asia remains subdued.
• High-level diplomacy, including President Trump’s upcoming meeting with Volodymyr Zelenskyy after talks with Vladimir Putin, could sway gold’s safe-haven appeal depending on progress toward de-escalation.