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This move reflects TCMB's commitment to a cautious monetary policy, balancing inflation control with economic risks
Brent crude futures dropped 0.7 percent, or 53 cents, to $77.13 per barrel
U.S. dollar index fell to a seven-month low in the previous session, further supporting dollar-denominated gold
Multiple Chinese banks have been given new gold import quotas from the central bank, signaling renewed buying demand
Globally, spot gold was up 0.3 percent at $2,454.40 per ounce
Brent crude futures, expiring in October, fell 0.1 percent to $80.94 a barrel
So far this year, gold prices have gained 19 percent and set a new record high of $2,483.60 on July 17
Brent crude oil futures for the October delivery rose 0.5 percent to $81.09 per barrel
Data on Tuesday revealed that U.S. producer prices increased less than expected in July, signaling a cooling in inflation
Gold prices will likely see additional support if a softer U.S. inflation report is released, raising hopes for a larger rate cut
Before last week, oil prices recorded four consecutive weeks of losses amid fears of slowing economic growth
Progress on inflation could support gold prices to retest a new all-time high once more
