Gold on track for monthly decline as investors brace for US inflation data
GLD•Spot gold was little changed at $4,180.30 an ounce but was down 6% so far this month. Investors awaited US PCE inflation data due at 1230 GMT for clues on the Federal Reserve’s next policy move.
1. Gold awaits inflation data
Spot gold was little changed at $4,180.30 per ounce as of 0435 GMT, while US gold futures rose 0.8% to $4,212.70. The dollar was headed for a monthly gain, making greenback-denominated metals more expensive for holders of other currencies.
2. Rate outlook weighs
Traders saw a 47% chance of a Federal Reserve rate increase in October and a 92% chance of a hike in December, based on the CME FedWatch Tool. New York Fed President John Williams said policymakers probably need only one more hike this year to return inflation to the Fed’s 2% goal.
3. Other metals decline
Silver fell 0.6% to $61.07 per ounce, platinum slipped 0.2% to $1,703.19 and palladium lost 0.2% to $1,220.61. All three were poised for monthly declines.
