Gold little changed with US inflation data in spotlight
Gold prices held steady as investors kept a watchful eye on upcoming United States inflation data, which is expected to offer insights into the Federal Reserve's interest rate decisions. Market participants are looking towards a potential pause in...
By Reuters |
AP
Gold was little changed in early Asian trade on Wednesday as investors awaited key U.S. inflation data for clues on the Federal Reserve's interest-rate path.
U.S. gold futures rose 0.4% to $4,711.40.
The Fed's preferred inflation gauge, the U.S. Personal Consumption Expenditures (PCE) price index for July, is due at 1230 GMT.
Earlier this month, data showed an unexpected decline in U.S. nonfarm payrolls and an in-line consumer inflation reading, tempering expectations of a rate hike in September.
Traders are pricing in a 60.4% chance that the Fed will leave rates unchanged next month, according to the CME FedWatch Tool. Lower rates tend to boost gold's appeal as it is a non-yielding asset.
Attention is also on Fed Chairman Kevin Warsh's speech on Friday at the central bank's Jackson Hole symposium.
Iran said it had restarted talks with neighbour Oman to manage the Strait of Hormuz as it faces heightened economic pressure from U.S. President Donald Trump in the wider conflict.
The global economy has weathered the Iran war energy shock better than feared, International Monetary Fund Managing Director Kristalina Georgieva said. She raised concerns, however, about deteriorating fiscal conditions in some countries shown by rising bond yields and a stalled disinflation process.
On the trade front, Canada hit back with retaliatory tariffs on about $20 billion worth of U.S. annual imports, matching Washington's latest duties dollar-for-dollar.
China's net gold imports via Hong Kong in July rose about 11% from June, Hong Kong Census and Statistics Department data showed on Tuesday
Spot silver gained 0.2% to $68.80, platinum rose 0.1% to $1,858.91 and palladium firmed 1.1% to $1,341.23.
1230 US Core PCE Price Index MM, YY Jul
1230 US PCE Price Index MM, YY Jul
1230 US Durable Goods Jul
1230 US GDP 2nd Estimate Q2
FUNDAMENTALS
Spot gold was almost flat at $4,654.17 per ounce, as of 0011 GMT, after touching a more than three-month high in the previous session.U.S. gold futures rose 0.4% to $4,711.40.
The Fed's preferred inflation gauge, the U.S. Personal Consumption Expenditures (PCE) price index for July, is due at 1230 GMT.
Earlier this month, data showed an unexpected decline in U.S. nonfarm payrolls and an in-line consumer inflation reading, tempering expectations of a rate hike in September.
Traders are pricing in a 60.4% chance that the Fed will leave rates unchanged next month, according to the CME FedWatch Tool. Lower rates tend to boost gold's appeal as it is a non-yielding asset.
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Attention is also on Fed Chairman Kevin Warsh's speech on Friday at the central bank's Jackson Hole symposium.
Iran said it had restarted talks with neighbour Oman to manage the Strait of Hormuz as it faces heightened economic pressure from U.S. President Donald Trump in the wider conflict.
The global economy has weathered the Iran war energy shock better than feared, International Monetary Fund Managing Director Kristalina Georgieva said. She raised concerns, however, about deteriorating fiscal conditions in some countries shown by rising bond yields and a stalled disinflation process.
On the trade front, Canada hit back with retaliatory tariffs on about $20 billion worth of U.S. annual imports, matching Washington's latest duties dollar-for-dollar.
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China's net gold imports via Hong Kong in July rose about 11% from June, Hong Kong Census and Statistics Department data showed on Tuesday
Spot silver gained 0.2% to $68.80, platinum rose 0.1% to $1,858.91 and palladium firmed 1.1% to $1,341.23.
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DATA/EVENTS (GMT)
1230 US Consumption, Adjusted MM Jul1230 US Core PCE Price Index MM, YY Jul
1230 US PCE Price Index MM, YY Jul
1230 US Durable Goods Jul
1230 US GDP 2nd Estimate Q2
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