This week, gold struggled to find stability following last week’s surprise around Swiss tariffs. Prices began the week above $3,390 but gradually declined, slipping to around $3,330 by midweek. Some attempts to bounce back were quickly reversed, showing that the market lacked strong conviction.

The Swiss gold tariff confusion initially triggered volatility, but as it faded, traders shifted their attention to U.S. economic indicators. Consumer inflation and producer price data came in mixed—enough to shake expectations of a rate cut in September. The Producer Price Index (PPI), in particular, showed a sharp rise, casting doubt on whether the Federal Reserve will ease rates soon. This led to a temporary dip in gold prices.

Throughout the week, gold stayed mostly within a narrow $30 range, reflecting caution in the market. Even the release of U.S. retail sales and consumer sentiment reports failed to create any significant moves. While institutional traders stayed on the sidelines, retail investors remained more optimistic about gold’s outlook in the near term.

With the Federal Reserve’s Jackson Hole Symposium approaching, many are waiting for potential signals from central bank leaders. Meanwhile, ETF demand for gold remains strong, hitting a two-year high, which suggests long-term investors are still betting on gold, possibly due to ongoing global economic concerns and the belief that central banks may eventually return to easing policies.

Looking ahead, all eyes are on upcoming economic releases like housing data, jobless claims, and, most importantly, speeches from Fed officials. Any hint about future rate decisions could break gold out of its current holding pattern.