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Gold Steadies Near Two-Month High as Tame US Inflation Cools Rate Hike Expectations

By Chee Liang CFA3 min read

New York, 12 August 2026 – Gold prices steadied near two-month highs on Wednesday as a tame United States inflation report for July matched market forecasts, tempering investor expectations of an imminent interest-rate hike by the Federal Reserve and reviving demand for non-yielding assets.

Spot gold rose as much as 1.6 percent to $4,438.20 per ounce before moderating to trade 1.2 percent higher at $4,422.34 per ounce in New York trading. On the futures market, Comex December gold contracts touched $4,502.70 per ounce, marking the highest level for the most active contract since mid-June. Bullion has now gained approximately 10 percent month-to-date in August, supported by central bank purchases led by the People’s Bank of China and persistent geopolitical tensions in energy transit corridors.

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Author

  • Chee Liang CFA specializes in financial advice and global economic trends, delivering clear insights to help readers navigate markets, investments, and the shifting dynamics of the world economy.