Gold prices hovered around $3,350 per ounce on Wednesday as investors weighed the Federal Reserve’s rate outlook following the latest CPI data. July’s headline inflation came in at 2.7%, below the 2.8% forecast, while core inflation rose to 3.1% from 2.9%. The data eased concerns over tariff-driven inflation, reinforcing expectations for a 25 bps Fed rate cut in September and boosting the appeal of non-yielding bullion. Attention now turns to upcoming releases, including PPI, weekly jobless claims, and retail sales. Meanwhile, traders await clarity on the tariff status of gold imports after conflicting signals. On Monday, President Trump said there would be no levy, but last week Customs and Border Protection surprised markets by classifying 1-kilo and 100-ounce gold bars under a customs code that subjects them to tariffs. Elsewhere, the US extended its China tariff truce by 90 days, easing tensions, while investors look ahead to US–Russia talks aimed at ending the Ukraine war.