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Gold Reacts to Rate and Inflation Data
Gold prices stabilized at the start of Asian market trading as investors await the European Central Bank's decision on interest rate hikes and the US inflation data set to be released tomorrow, amid mixed expectations regarding the future path of US interest rate increases. The Federal Reserve is expected to hold interest rates steady at its upcoming meeting, despite a 60% chance of a rate hike in September. Additionally, there is a possibility of Europe raising interest rates for the second time this year to combat rising inflation driven by higher energy prices resulting from Iran's war. Gold prices settled around $4,396.69 per ounce, with a slight decline in futures, while the prices of other precious metals such as silver remained stable, and platinum and palladium saw modest increases with thin liquidity.
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