Gold Prices Rise as Markets Await July Inflation Data

Gold prices climbed toward $4,450 an ounce on Tuesday, reaching a two-month high as traders await Wednesday's CPI report to gauge the likelihood of a September Fed rate hike.

Economists expect headline inflation to rise 0.1% monthly and 3.4% annually, while core prices are projected to increase 2.5% year over year, complicating the market's dovish outlook.

Global central bank gold purchases surged over 60% year over year in the second quarter to 289 tonnes, with China adding 640,000 ounces to its reserves in July alone.