Gold falls as traders await US inflation report

Gold prices fell on Wednesday as investors awaited the release of key US inflation data, which will guide the Federal Reserve’s stance on monetary policy.

By 1757 GMT, spot gold was down 0.5 percent at $1915.98 an ounce, its lowest level since July 10. U.S. gold futures were also down 0.5 percent at $1,950.60 an ounce.

US consumer price index data, due out on Thursday, is expected to show inflation accelerated slightly to a 3.3 percent annual rate in July.

Most traders expect no change when the US Federal Reserve meets monetary policy in September. CME Group’s Fed Watch tool showed a 13.5 percent chance of a quarter-point hike.

“For a sustained recovery (in gold), we think the market needs more certainty about a US rate cut in 2024,” said Payden Moore, head of commodities management at National Australia Bank.

As for other precious metals, silver fell 0.4 percent to $22.67 an ounce in spot transactions. Platinum fell 1.1% to $890.34 an ounce, while palladium rose 1.2% to $1,234.47.

See also  Slight weekly loss of oil
  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 73 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space