Gold prices edged up to around $3,330 per ounce on Wednesday, following a two-day decline, as investors assessed a pick-up in US inflation and ongoing trade developments. June CPI rose at the fastest pace in five months, suggesting tariffs may be starting to have an impact on inflationary pressures. President Trump called for rate cuts, but Fed officials signaled caution, citing inflation risks. Markets now await the PPI report for further insight.
Meanwhile, trade concerns lingered after Trump announced a 19% tariff on Indonesian goods and said additional tariff notices would be sent to smaller countries. He had earlier threatened 30% tariffs on imports from Mexico and the EU starting August 1 but later signaled openness to talks. Separately, the World Gold Council reported net central bank gold purchases of 20 tonnes in May, led by Kazakhstan, Turkey, Poland, and Singapore. China also extended its buying streak in June, lifting total purchases since November to 34.2 tonnes.
