The global gold ounce price recorded a 1.1% decline today, reaching a low of $3357 per ounce after opening at $3399 per ounce and currently trading at $3363 per ounce. This decline follows two weeks of gains, with gold reaching a two-week high of $3409 last Friday but failing to stay above $3400. The price is now targeting support at $3350 and the 50-day moving average at $3335. The easing of geopolitical tensions surrounding the war in Ukraine contributed to the gold price drop, following the announcement that US President Donald Trump will meet Russian President Vladimir Putin on August 15 in Alaska to negotiate ending the war. The easing of the Russia-Ukraine conflict is expected to reduce market fears and lower demand for safe-haven assets like gold, leading to a significant price drop at the start of today’s trading. Additionally, this week will see the release of the US Consumer Price Index data, a core inflation indicator.

It is expected that recent tariffs will increase core inflation by 0.3%, raising the annual rate to 3%, surpassing the Federal Reserve’s inflation target of 2%.