# Gold Price Nears $4,700 Ahead of US Core PCE Inflation Data

**Published:** 2026-08-26T07:44:43.115Z  
**Topic:** Gold  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/84313e2e-f7e0-49c9-8621-185d07d5c8a4

Gold prices approach $4,697, a 15-week high, as investors await US core PCE inflation data. See how the Fed’s preferred inflation gauge impacts the metal.

Gold prices are trading near 15-week highs of $4,697 per ounce in Asian markets on Wednesday, as investors reposition ahead of the release of the US core Personal Consumption Expenditures (PCE) Price Index [1]. The metal’s performance reflects a broader market shift, as traders weigh the potential for Federal Reserve policy adjustments against persistent inflation risks [2].

| At a glance | |
|---|---|
| Current Gold Price | $4,697 |
| 15-Week Trend | Near record highs |
| Core PCE Forecast (MoM) | 0.2% |
| Core PCE Forecast (YoY) | 3.2% |

## Market drivers and inflation outlook
The recent rally in gold, which saw the metal gain more than 5% last week, coincides with a weakening US Dollar and easing concerns over energy-driven inflation [2]. Optimism regarding the reopening of the Strait of Hormuz has contributed to a decline in oil prices, which in turn has tempered expectations for aggressive Federal Reserve interest rate hikes [2]. Additionally, the US Treasury’s decision to double its bond-buyback plan has provided further support for bullion prices [2].

Market participants are now focused on the core PCE Price Index, the Federal Reserve’s preferred measure of underlying inflation [2]. While annual core PCE is expected to hold steady at 3.2%, a monthly print of 0.2% is anticipated [2]. Analysts note that softer-than-expected inflation data could undermine the US Dollar and Treasury yields, potentially providing a further boost to non-yielding assets like gold [2]. Conversely, hotter-than-forecast prints could reinforce concerns over energy-led inflation, likely triggering a corrective move lower in gold prices [2].

## Technical positioning
Despite the bullish momentum, technical indicators suggest the market may be approaching a period of volatility. The Relative Strength Index (RSI) for gold currently sits at 71.45, placing the asset in overbought territory [2]. While the metal is trading above its 21-day, 50-day, 100-day, and 200-day simple moving averages, the overbought RSI signals that the current rally could be vulnerable to short-term mean-reversion [2]. Support levels remain anchored at the 200-day moving average near $4,522.84, which analysts view as a key threshold for maintaining the current uptrend [2].

## What to watch
*   **Core PCE Release:** The US Bureau of Economic Analysis is scheduled to release the July core PCE data on Wednesday, which will serve as the primary catalyst for immediate price action [2].
*   **Jackson Hole Symposium:** Markets are looking toward Federal Reserve Chair Kevin Warsh’s speech on Friday for definitive clues regarding the central bank’s interest rate trajectory for the remainder of the year [2].
*   **Benchmark Payroll Revision:** Friday will also feature a preliminary annual benchmark revision to nonfarm payrolls, which could signal whether previous employment data overstated the strength of the labor market [3].

Whether gold can sustain its climb toward the $4,700 threshold depends heavily on whether the upcoming inflation data confirms a cooling trend or forces the Federal Reserve to maintain a hawkish stance. The intersection of this week's economic data and the upcoming Jackson Hole symposium leaves the market in a state of high sensitivity to any shift in policy expectations.

## Sources
1. Ontrd — [$4700 Back On Gold Buyers’ Radar As US Core PCE Inflation Data...](https://ontrd.com/2026/08/26/4700-back-on-gold-buyers-radar-as-us-core-pce-inflation-data-looms/)
2. FXStreet — [$4700 back on Gold buyers’ radar as US core PCE inflation data looms](https://www.fxstreet.com/analysis/4700-back-on-gold-buyers-radar-as-us-core-pce-inflation-data-looms-202608260332)
3. Kitco — [Gold looks to PCE inflation, Jackson Hole for direction... | Kitco News](https://www.kitco.com/news/article/2026-08-21/gold-looks-pce-inflation-jackson-hole-direction-next-week)

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Cite as: TrendWatcher, "Gold Price Nears $4,700 Ahead of US Core PCE Inflation Data", https://www.trendwatcher.in/article/84313e2e-f7e0-49c9-8621-185d07d5c8a4