Gold Daily | Spot Gold Drops Over 1% Amid Tariff Concerns; Traders Await U.S. Inflation Data for Rate Clues

【Latest Gold Price and Recent Trends】

Gold prices have fallen over 1%, with current spot gold at $3,362.21 after the White House announced potential tariffs on specific gold imports. Investors await U.S. inflation data for Fed rate clues.

【Technical Analysis】

Gold is facing significant resistance at $3,400. Analysts warn that further profit-taking could test support at $3,355-$3,350. Any drop could find strong support at the 21-day and 50-day moving averages. A break below these levels would open room to test $3,300. Conversely, breaking above $3,400 could lead to new gains towards $3,440 and $3,453.

【Market Sentiment and Economic Background】

The market is focused on upcoming U.S. CPI data, which could show a tariff-driven core inflation rise of 0.3% month-on-month. Traders are highly vigilant ahead of September, with employment reports weaker than expected, increasing the chances of a rate cut. Lower interest rates typically benefit gold.

【Opinions】

Analysts expect gold to challenge the psychological $3,400 level if CPI data reinforces rate cut bets. The search for Jerome Powell's successor is leading to concerns about Fed independence. The Swiss gold tariff issue has amplified market uncertainty, with predictions of volatility depending on new economic data.