Gold rises to $4,399 as markets await key US CPI report

August 12, 2026 (MLN): Gold prices climbed on Wednesday, buoyed by fading expectations of a Federal Reserve rate hike next month as markets awaited a critical U.S. inflation reading that could redraw the policy outlook.

Currently, spot gold is up 0.25% to $4,399.46 an ounce as of [12:22 pm] PST, according to data reported by Mettis Global.

The metal had touched a 10-week peak on Tuesday before running into technical resistance near its 100-day moving average of roughly $4,387, ending the session lower for the second time this month, according to CNBC.

That pullback followed bullion's strongest weekly performance since January, registered on Friday after a softer-than-expected U.S. jobs report prompted traders to pare back Fed tightening bets.

According to the CME FedWatch Tool, markets are now pricing a 50% probability of a September rate hike, down from 60% ahead of the employment data.

Since gold carries no yield, a lower-rate environment typically works in its favor.

Attention now turns to the U.S. Consumer Price Index report due later in the day, which traders expect could reshape the interest rate trajectory.

Among other precious metals, spot silver rose 1.2% to $65.46 per ounce, pulling back slightly from its highest level since June 22 touched a day earlier.

Platinum gained 0.6% to $1,754.10, and palladium rose 0.8% to $1,370.86.

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