Gold heads for monthly decline as US inflation data looms
GLD•Gold was little changed at $4,178.59 an ounce on Wednesday but was down nearly 6% for the month as expectations of higher interest rates weighed on prices. Investors awaited US inflation data for clues on Federal Reserve policy.
1. Gold prices and rates
Spot gold was little changed at $4,178.59 per ounce as of 0037 GMT, while US gold futures gained 0.7% to $4,210.30. Traders saw a 50% chance of a Federal Reserve rate increase in October and a 92% chance in December, based on CME's FedWatch Tool.
2. Data in focus
The US personal consumption expenditures price index was due at 1230 GMT, with the nonfarm payrolls report scheduled for Friday. New York Fed President John Williams said the central bank had time to weigh economic data before deciding when to raise rates again, adding that another increase was likely before year-end.
