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Gold trends down ahead of US inflation report
Gold prices in the global market are declining, heading toward a monthly loss of more than 6%, due to expectations of a U.S. interest rate hike and its impact on the attractiveness of the yellow metal. Investors are awaiting the release of U.S. inflation data, especially the Personal Consumption Expenditures (PCE) index, which will determine the Federal Reserve's monetary policy direction. A weak reading could see gold prices return to levels between $4,200 and $4,300, while a strong reading might weaken its value, leading to higher yields and a stronger dollar. With odds of a rate hike at 47% in October and 91% in December, gold continues to face downward pressure due to the rising dollar and interest rate expectations.
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