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Gold crowds 6% monthly decline
Expectations of more than a 6% loss for gold in September due to anticipated hikes in U.S. interest rates, as investors await U.S. inflation data that will determine the market's next direction. The gold price steadied at $4,185 per ounce, despite declining since the start of the month. Meanwhile, the results of the Personal Consumption Expenditures (PCE) index are a key factor influencing expectations for monetary policy. If the data comes in lower than expected, gold could rebound to a range between $4,200 and $4,300. On the other hand, rising inflation may increase pressure on gold, pushing its price down to around $4,100. The market currently anticipates a 47% chance of a Federal Reserve interest rate hike in October and a 92% chance in December, amid growing concerns over geopolitical tensions and their impact on the markets.
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