Gold prices reached $4,400 per ounce, and the market's attention has shifted to U.S. inflation data.

As the U.S. is about to release a key inflation report, gold prices broke through $4,400 per ounce during Tuesday's trading session. This report could provide new clues regarding the Federal Reserve's willingness to raise interest rates. After a cumulative increase of 3.6% in the previous two trading days, gold prices rose slightly in the morning. On Monday, it surpassed the 100-day moving average, triggering technical buying, and after the emergence of bargain hunters and inflows into Chinese gold ETFs, further signs of recovery appeared. Traders are now turning their attention to the latest U.S. inflation data set to be released on Wednesday. According to the median forecast from economists surveyed by the media, the closely watched CPI is expected to rise by 0.1% in July, following a decline of 0.4% the previous month. In light of last Friday's weak employment report in the U.S., a moderate increase in prices may help alleviate the Federal Reserve's inflation concerns.