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On Monday, gold prices slipped by 0.16%, closing at $2,499 per ounce. This followed a 0.7% decline last Friday after U.S. inflation data indicated that the Federal Reserve might opt for a smaller-than-expected interest rate cut this month.
(Gold Daily Price Chart, Source: Trading View)
Friday’s data revealed that U.S. consumer spending saw a solid increase in July, casting doubt on the likelihood of a half-percentage-point interest rate cut by the Fed this month. The personal consumption expenditures price index rose by 0.2% in July, aligning with expectations after a steady 0.1% rise in June.
The Fed is anticipated to initiate a rate-cutting cycle during its monetary policy meeting on September 17-18. According to the CME FedWatch tool, traders currently estimate a 67% probability of a 25 basis-point cut and a 33% chance of a 50-basis-point reduction this month.
Amidst the prevailing uncertainty, market participants are adopting a cautious approach, awaiting clearer signals from the Fed. Investors are now turning their attention to the upcoming ADP employment data and the U.S. non-farm payroll report expected later this week.
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
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