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Gold edges lower ahead of U.S. inflation data
Gold prices are declining today and are on track to record a monthly loss of more than 6%, affected by investors’ anticipation of U.S. inflation data and the impact of speculation about interest rate hikes. According to market forecasts, there is a 47% chance of a rate increase in October and a 91% likelihood in December, which puts downward pressure on the price of gold and reduces its appeal since it yields no return. Ahead of the Personal Consumption Expenditures (PCE) index data, a weak reading is expected to push gold prices into the range of $4,200 to $4,300, while a strong reading could lead to higher yields and a stronger dollar, putting additional pressure on the precious metal. Other precious metals also declined, with silver falling by 0.8%, and platinum and palladium reaching their lowest levels for the month.
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