Gold slips after PCE data keeps September Fed hike alive

Spot gold fell 0.52% to $4,633.50 per ounce while silver rose 0.26% to $68.72 after July PCE came in hotter than expected at 0.2% monthly and 3.7% yearly. The figures revived bets on a possible September Fed rate hike and lifted Treasury yields.

Traders now focus on Fed Chair Kevin Warsh’s Jackson Hole speech Friday. Geopolitical tensions in the Strait of Hormuz continue to support safe-haven demand, with Brent near $90 and WTI around $84.

Technically gold holds above $4,567 support but failed to clear $4,661 resistance. Silver stays above $68.39 yet has not reclaimed the $69.90 breakout level.