Gold prices climbed toward $3,370 per ounce on Thursday, marking a third consecutive gain as traders increased bets on the Federal Reserve resuming interest rate cuts. The latest US CPI report eased concerns over tariff-driven inflation, while signs of a cooling labour market added scope for further easing. Markets are almost certain of a 25 bps cut in September, with some positioning for a larger 50 bps move. Treasury Secretary Scott Bessent has also urged multiple reductions, suggesting the Fed start with a half-point cut. In addition to rate expectations, gold found support from geopolitical risks ahead of Friday’s meeting between US President Donald Trump and Russian President Vladimir Putin. Trump warned late Wednesday that Russia would face “very severe consequences” if Putin refuses to end the Ukraine war, and while he gave no specifics, he has previously threatened economic sanctions should the Alaska talks fail to make progress.
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