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Gold prices slipped slightly on Wednesday but remained close to a three-month high as falling oil prices and lower U.S. Treasury yields eased inflation concerns ahead of key Federal Reserve signals.
Spot gold, or XAU/USD, fell 0.4% to $4,642.38 an ounce by 01:10 ET (05:40 GMT), while U.S. gold futures gained 0.1% to $4,699.04. Silver climbed 0.7% to $69.05 an ounce, and platinum rose 0.3% to $1,866.89. The U.S. Dollar Index edged 0.1% higher to 99.01.
Gold has rallied more than 7% over the past week, supported by declining Treasury yields and easing energy prices. U.S. yields dropped roughly five to seven basis points across the curve on Tuesday, reducing pressure on non-yielding assets such as bullion.
Oil prices also weakened amid signs that Middle East tensions could ease. Iran and Oman have discussed establishing a temporary joint maritime corridor that could restore some shipping through the Strait of Hormuz. A reopening of the critical waterway could reduce concerns about energy supply disruptions and inflation.
Lower energy costs could give the Federal Reserve greater flexibility on monetary policy. Higher oil prices typically increase inflationary pressure and can encourage policymakers to keep interest rates elevated, which tends to reduce gold's appeal compared with interest-bearing assets.
Investors are also watching U.S. fiscal developments. ANZ analysts said Treasury Secretary Scott Bessent provided no new details on recently announced debt-management measures, while reports suggested the Treasury could use part of its cash balance to repurchase older, higher-yielding securities.
Attention now turns to U.S. Personal Consumption Expenditures inflation data due Wednesday and Federal Reserve Chair Kevin Warsh's Jackson Hole speech on Friday. The PCE price index could shape expectations for future Fed interest rate decisions, while Warsh's remarks may provide additional clues about the central bank's inflation outlook.
Gold's strong recent performance has also revived the "debasement trade," with investors seeking bullion as a hedge against concerns over government debt, fiscal deficits and the long-term purchasing power of fiat currencies.
