Gold little changed as investors weigh US-Iran developments, Fed signals
GLD•Other precious metals
Elsewhere, spot silver XAG= gained 1.7% to $56.87 per ounce, platinum XPT= was down 0.3% at $1,586.21, and palladium XPD= rose 1.3% to $1,264.34.
Fed speakers boost expectations for a December hike
Cleveland Fed President Beth Hammack added her voice to a growing chorus of policymakers arguing interest rates may need to rise to beat back persistent inflation, setting up a charged debate at the Fed's next meeting and the possibility of dissents at Kevin Warsh's second meeting as the central bank's chairman.
Traders now see an 83% chance of a U.S. interest rate hike in December, versus 73% last week, according to the CME FedWatch tool. FEDWATCH/
"We expect that the Fed will use balance sheet adjustments and not raise interest rates until much later this year. We believe that the realization of this in a month or two is going to actually add some support to the gold market and pressure the dollar," Meger said.
