Gold futures reached a 2-month high as central banks added reserves.

Bob Iaccino from Path Trading Partners analyzes the recent price action in Gold futures, which touched a two-month high before pulling back to finish near unchanged. The market is bracing for the highly anticipated July CPI report, where a hotter-than-expected reading could push yields higher and pressure the precious metal. Despite potential near-term volatility from inflation data, Iaccino highlights ongoing strength in physical demand, noting that China's central bank added roughly 20 tons of gold to its reserves in July, continuing a supportive trend of central bank diversification.