Gold prices dipped to around $3,630 per ounce on Thursday, but remaining close to its record high, supported by expectations of US rate cuts and rising geopolitical tensions. August’s US producer prices fell unexpectedly, with both headline and core PPI slipping 0.1% - contrary to forecasts for a modest increase. Coupled with earlier signs of a soft labor market, the data has reinforced speculation about potential Fed easing, boosting demand for non-yielding gold. Investors now look ahead to Thursday’s consumer price report for further guidance. Meanwhile, geopolitical developments are adding to the metal’s safe-haven appeal. US President Donald Trump recently urged the EU to impose tariffs on China and India to pressure Russia over the Ukraine conflict, while hostilities in the Middle East escalated, and Poland reported intercepting Russian drones that breached its airspace during a large-scale strike in western Ukraine.