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Market demand for gold remains high as it recoups some last week’s losses ahead of US key inflation data. Among industrial metals, copper price receives the same fate, inching upwards following a slip from record high last week.
Traders will be on the lookout for US PCE Price Index data, the Federal Reserve’s preferred inflation measure. The data is expected to provide more insight into Fed’s next policy adjustment, who is expected to cut interest rates at least once this year. While traders are pricing in for a higher chance of keeping interest rates unchanged in September, a surprising PCE data may change such speculation.
Previously, several Federal Reserve officials warned that high interest rates may be kept for longer period due to “sticky” inflation. While recent economic data such as Retail Sales and Nonfarm Payrolls show signs of an economic cooling, some Fed officials reiterates that more data is required to acquire confirmation.
(XAUUSD, H4, TradingView)
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