403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
Gold prices settle as investors await key US inflation data
(MENAFN) Gold prices showed little movement on Monday as investors anticipated critical U.S. inflation reports later in the week, which are expected to provide insights into the likelihood of a Federal Reserve interest rate cut in September. Spot gold was relatively stable at USD2,425.94 per ounce as of 0153 GMT, while U.S. gold futures experienced a minor decline of 0.3 percent, reaching USD2,464.80.
The market is closely watching upcoming economic data, with the U.S. Producer Price Index set for release on Tuesday, followed by the Consumer Price Index on Wednesday. Currently, there is a 54 percent probability, according to the Fed's Interest Rate Monitor tool, that the Federal Reserve will implement a 50 basis point rate cut in September. Fed Governor Michelle Bowman tempered her typically hawkish stance by acknowledging some recent improvements in inflation, although she noted that it remains significantly above the central bank's 2 percent target and continues to face potential upward risks.
In the broader precious metals market, spot silver decreased by 0.6 percent to USD27.29 per ounce, while platinum saw a slight increase of 0.1 percent, reaching USD923.20. Palladium prices remained relatively stable at USD905.00 per ounce.
The market is closely watching upcoming economic data, with the U.S. Producer Price Index set for release on Tuesday, followed by the Consumer Price Index on Wednesday. Currently, there is a 54 percent probability, according to the Fed's Interest Rate Monitor tool, that the Federal Reserve will implement a 50 basis point rate cut in September. Fed Governor Michelle Bowman tempered her typically hawkish stance by acknowledging some recent improvements in inflation, although she noted that it remains significantly above the central bank's 2 percent target and continues to face potential upward risks.
In the broader precious metals market, spot silver decreased by 0.6 percent to USD27.29 per ounce, while platinum saw a slight increase of 0.1 percent, reaching USD923.20. Palladium prices remained relatively stable at USD905.00 per ounce.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Comments
No comment