Gold Heads for Monthly Decline, US Inflation Data Looms
- Gold prices fell 0.2% to $4,170.63 per ounce and were down more than 6% for the month.
- Investors awaited the US personal consumption expenditures price index for clues about the Federal Reserve’s next policy move.
- The CME FedWatch Tool showed traders saw a 47% chance of a rate increase in October and a 91% chance in December.
- New York Fed President John Williams said policymakers probably needed only one more rate hike this year to help return inflation to the Federal Reserve’s 2% goal.
11 Articles
11 Articles
Gold on track for monthly decline as investors brace for US inflation data
Gold heads for monthly decline, US inflation data looms
On Wednesday, gold prices remained stable, although they are poised for a monthly decline. Market participants are scrutinizing US inflation metrics to gauge the Federal Reserve's upcoming policies. The anticipated rise in interest rates is impacting gold alongside other precious metals. Additionally, a significant drop in consumer confidence has emerged amid worries over economic stability and tensions in the Middle East.
Gold prices started the day at 6,588 liras, as gold prices prepared to close the month with losses due to higher interest rate expectations.
Gold prices remained unchanged in global market trading on Wednesday, but were on track to record a monthly decline, affected by expectations for a US interest rate hike and ahead of the release of the country's inflation data.
Gold prices are attempting to recover after a sharp drop on the first trading day of the week. The precious metal is trading just below the $4,200 level, with rising US Treasury yields and a strengthening dollar putting downward pressure. Markets are focused on economic data to be released today.
Coverage Details
Bias Distribution
- 40% of the sources are Center, 40% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
