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Gold set for monthly fall amid US inflation outlook
Gold prices slightly declined and are heading toward monthly losses, as investors await U.S. inflation data, which influences expectations of interest rate hikes by the Federal Reserve. Spot gold fell by 0.2% to approximately $4,170 per ounce, marking a decline of over 6% since the beginning of the month. Meanwhile, futures rose by 0.5% to $4,201.90. The dollar is on track to achieve monthly gains, increasing the cost of the precious metal priced in it. The release of the Consumer Spending Index is anticipated for analysis. Market expectations indicate a 47% chance of a rate hike in October and a 91% probability in December, which reduces gold's attractiveness and puts downward pressure on its prices, especially with rising U.S. Treasury yields. Other precious metals, such as silver, platinum, and palladium, have also experienced monthly declines, as markets continue to monitor inflation data and political and economic developments that could lead to fluctuations in gold prices.
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