Purbalee Dutta 
Gold remained under pressure, ending the week with a 1.8% decline as signs emerged that US President Donald Trump’s tariff policies are fueling inflation, potentially delaying interest rate cuts. Bullion hovered around $3,340 an ounce after US wholesale inflation in July posted its sharpest rise in three years. This led traders to scale back expectations of a Federal Reserve rate cut next month, as higher interest rates typically weigh on gold, which doesn’t yield interest.
Atlanta Fed President Raphael Bostic noted that tariffs are genuinely impacting businesses, with high borrowing costs eroding profits. Markets still anticipate up to two rate cuts this year. Investors are also closely watching Trump’s meeting with Ukrainian President Volodymyr Zelenskyy, following recent talks with Russia’s Vladimir Putin, as any breakthrough on a peace deal could sway gold demand.
Despite the dip, gold remains up over 25% this year, buoyed by global economic uncertainties and rising geopolitical tensions. As of 8:35 am Singapore time, gold was down 0.1%, with other precious metals mostly steady.
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