Gold edged down to around $3,375 per ounce on Wednesday but held most of its recent gains, remaining near a two-week high, as growing expectations of a more dovish monetary policy continued to support the appeal of the non-interest-bearing metal. US data showed the ISM services index declined in July, missing forecasts and signaling sluggish growth, falling employment, and rising price pressures. Additional data released last week also pointed to softness in the labor market and consumer spending. These signs of economic weakness in the world’s largest economy have strengthened expectations that the Federal Reserve will ease policy at its September meeting, with markets now pricing in a 90% chance of a rate cut. Gold also found support from President Trump’s latest round of tariffs and renewed concerns about the Fed’s independence following Governor Kugler’s resignation, which gives Trump the opportunity to appoint a more dovish successor.