Gold continued to hover below historic highs on Thursday. US data earlier this week showed inflation eased in July, bolstering expectations that Fed will cut interest rates in September.
Monetary easing expectations contributed to the 19% rise in the yellow metal so far this year. As a non-yielding asset, lower interest rates make gold a more appealing investment. Purchases by central banks and geopolitcal tensions have also helped to drive prices higher. Gold is widely recognized as a safe-haven asset in times of uncertainty.
From a technical perspective, gold has formed a triple top at the historic high of $2,483. The prior lows of $2,288 represent potential support to the downside.