Gold set for 6% monthly decline amid US data

Gold prices are heading toward a monthly loss of about 6% as investors await U.S. inflation data to gauge potential interest rate movements by the Federal Reserve. The price of gold remained steady at around $4,180 per ounce but is under pressure from the dollar, which increases the cost of the metal priced in US currency. Expectations are that the Personal Consumption Expenditures (PCE) data will influence monetary policy outlooks. Despite a 0.8% rise in futures contracts, the chances of a US interest rate hike in October remain lower than in December, putting downward pressure on the non-yielding gold, while geopolitical developments continue to be monitored for their impact on the market.

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