[ad_1]
GOLD prices were little changed on Friday, but were poised for a monthly gain on prospects of a US interest rate cut in September, while traders awaited key US inflation data for further insights.
Spot gold was down 0.1 per cent at US$2,517.91 per ounce, as of 0037 GMT, and was on track to log its second consecutive monthly gain, rising about 3 per cent.
US gold futures fell 0.4 per cent to US$2,551.20.
US gross domestic product grew at a 3.0% annualised rate last quarter, up from 2.8 per cent rate reported last month, while consumer spending rose to 2.9 per cent, revised from 2.3 per cent.
A separate report showed weekly initial jobless claims slipped to 231,000 last week, slightly below the 232,000 estimate of economists polled by Reuters.
Traders have fully priced in a Federal Reserve rate easing next month, with a 66 per cent chance of a 25-basis-point cut and about 34 per cent chance of a bigger 50-bp reduction, according to the CME FedWatch tool.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Market participants are now on the watch-out for Personal Consumption Expenditures (PCE) data, the Fed’s preferred inflation gauge, due later in the day to assess the central bank’s policy outlook.
Israel told the US that an initial review found that shots were fired at a World Food Programme vehicle in the Gaza Strip after a “communication error” between Israeli military units.
Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low-interest-rate environment.
Elsewhwere, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.13 per cent to 857.27 metric tons on Thursday.
Spot silver edged 0.1 per cent lower to US$29.41 per ounce, and palladium was flat at US$979.95, both metals on track for monthly gains.
Platinum edged up by 0.1 per cent to US$938.50 and was down about 3.7 per cent for the month. REUTERS
[ad_2]
Source link
