New York, June 26 (Xinhua) -- The most actively traded gold futures market on the New York Mercantile Exchange, the August 2026 gold futures, rose $56.17 on the 26th, closing at $4103.77 per ounce, an increase of 1.39%.

Due to the latest Personal Consumption Expenditures (PCE) inflation report released by the United States, which largely met expectations and lowered market expectations for the Fed's recent interest rate hikes, the US dollar weakened and gold held the $4000 mark for the day.

The data released by the US Department of Commerce on the 25th showed that overall personal consumption expenditure (PCE) increased by 0.4% month on month in May, which was the same as April but lower than the previous expectation of 0.5%. The core PCE remained at 0.3% month on month, in line with expectations.

Although the lower than expected monthly inflation data has cooled market expectations for the Fed's recent interest rate hikes, the annual inflation data is still far above the Fed's 2% target. This indicates that even if the decline in oil prices is expected to curb inflationary pressures in the coming months, policymakers may still maintain high interest rates for a longer period of time.

In terms of geopolitics, the uncertainty of the final agreement between the United States and Iran has kept the market cautious. Iran stated on the 26th that the US military presence in the Gulf region has exacerbated insecurity and division in the area. Tehran also reiterated that safe passage through the Strait of Hormuz must be coordinated with Iranian authorities.

Analysts say that gold has shown initial signs of stabilizing after a sharp decline, but a more relaxed interest rate environment is still needed to achieve a sustained rebound. As long as the market continues to anticipate a significant increase in the risk of the Federal Reserve tightening monetary policy, the upward trend will be difficult to sustain.

The silver futures price for July delivery on that day rose by 0.84 cents, closing at $59.64 per ounce, an increase of 1.43%.

Editor: Zhang Yu