Gold prices are retreating on Tuesday, 11 August, after reaching two-month highs, as investors await the release of United States inflation data that could provide fresh signals on the trajectory of Federal Reserve interest rates.
Spot gold is down 0.58% at $4,365.61 per ounce, while silver falls 1.87% to $64.51 per ounce, according to the latest Bloomberg data. The precious metal had briefly surpassed $4,400 per ounce earlier on Tuesday — its highest level since early June — following two consecutive sessions of gains.
Market attention is now focused on the US Consumer Price Index, due for release on Wednesday. The median forecast among economists surveyed by Bloomberg points to a 0.1% rise in July, following a 0.4% decline in the prior month. In the wake of weak employment figures released on Friday, a moderation in price pressures could ease some of the Fed’s inflation concerns.
Moving in the opposite direction, rising energy prices could intensify inflationary pressures and increase the likelihood of further interest rate increases — a scenario unfavourable for gold, which bears no yield. Oil is advancing again on Tuesday after Donald Trump presented new demands to Iran, reducing the prospects of a Washington-Tehran agreement to reopen the Strait of Hormuz.
“To sustain the recent recovery, gold needs to hold between $4,360 and $4,370 per ounce,” said Ole Hansen, Head of Commodity Strategy at Saxo Bank, as quoted by Bloomberg. Should it fail to do so, he anticipates some consolidation given pressure from oil, bond yields, and the dollar. Despite the recovery seen over recent weeks, gold remains approximately 17% below the levels recorded prior to the outbreak of the war with Iran at the end of February.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/08/11/mercados/commodities/ouro-recua-de-maximos-de-dois-meses-antes-dos-dados-da-inflacao-nos-eua/
