Gold climbs to $4,364 as markets eye Fed rate path

August 11, 2026 (MLN): Gold prices extended gains on Tuesday, touching a more than two-month high, as investors turned their attention to upcoming U.S. inflation data for direction on the Federal Reserve's interest-rate path.

Currently, spot gold is up 0.53% to $4,364.17 an ounce as of [12:28 pm] PST, according to data reported by Mettis Global.

The U.S. consumer price report, due Wednesday, followed by producer price data on Thursday, is expected to shape monetary policy expectations after soft July jobs numbers last week prompted markets to pare bets on a Federal Reserve rate hike next month, CNBC reported.

The Fed held rates unchanged at its July meeting, though three officials dissented in favor of a hike. Lower interest rates typically benefit gold, as the metal yields no interest.

On the geopolitical side, U.S. President Donald Trump responded to Iran's conditions for a peace deal by demanding compensation for those killed in wars, attacks and protests, a rhetorical escalation that risks complicating efforts to reopen the Strait of Hormuz.

Among other precious metals, spot silver rose 0.9% to $66.30 per ounce, platinum gained 0.7% to $1,765.26, and palladium climbed 0.8% to $1,394.00.

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