Spot gold fell ‌0.5% to $4,383.53 per ounce by 0601 GMT, after jumping about ‌1% ⁠to its highest since June 5.

Gold edged lower on Thursday, ⁠after touching a more than two-month high earlier in the session, as traders paused after a rally fuelled by cooling US inflation, with attention turning ‌to an upcoming producer price report for clues to prospects of near-term Federal Reserve rate hikes.Spot gold fell ‌0.5 per cent to $4,383.53 per ounce by 0601 GMT, after jumping about ‌1 per cent ⁠to its highest since June 5. US gold futures for ⁠December delivery fell 0.6 per cent at $4,440.80.“Gold is in consolidation mode today after its post-CPI gains, with near-term expectations of a Fed rate hike being dialled back another ​notch,” said Tim Waterer, chief ‌market analyst at KCM Trade.“Traders appear content to wait for confirmation from the upcoming PPI data before committing to the next leg higher.”Prices have risen over 8 per cent so far this month, ‌as traders scale back US interest rate hikes bets amid ​recent softer economic data.On the geopolitical front, Iran and the US remain at loggerheads over efforts to agree ⁠on a permanent end to the war in the Gulf, according to a senior Iranian source, who said there had been no progress ‌in talks to revive the interim deal agreed in June.On monetary policy, Fed policymakers are likely to feel little fresh urgency to raise interest rates next month after data on Wednesday showed inflation cooled on a year-over-year basis for a second straight month.The consumer price index rose 3.4 per cent in the 12 months through July, ‌down from 3.5 per cent in June, in line with economists’ expectations. Traders are now pricing ​in only a 40 per cent chance of a hike at the September meeting, down from about 54 per cent seen a ⁠week before, according to the CME FedWatch Tool.Lower rates tend to support ⁠gold by lowering the opportunity cost of holding the non-yielding asset.In other metals, spot silver lost about 0.3 per cent to $65.09 ‌per ounce, having climbed to its highest since June 22 in the previous session.Platinum lost 0.8 per cent at $1,741.96, and palladium fell ​0.9 per cent at $1,357.29.Published on August 13, 2026