Gold prices fell in international markets a day after reaching their highest level in more than three months, as investors awaited key US inflation data for clues about the Federal Reserve’s next interest-rate move.
At 10:10 a.m. Bangladesh time on Wednesday, spot gold was down 0.3% at $4,642.74 per ounce. On Tuesday, gold prices had climbed to their highest level since mid-May. The precious metal had also posted a significant rise last week following the US Treasury Department’s announcement of a bond buyback plan.
Meanwhile, US gold futures rose 0.1% to $4,700.70 per ounce.
Investors are now focused on the US Personal Consumption Expenditures (PCE) price index for July. The Federal Reserve closely watches the index as a key measure of inflation. The data is scheduled to be released at 12:30 p.m. GMT on Wednesday.
Markets will also closely watch Federal Reserve Chair Kevin Warsh’s remarks at the Jackson Hole symposium on Friday. Analysts say gold could receive further support if inflation comes in below expectations and Warsh strikes a dovish or balanced tone on interest-rate cuts.
Source: Reuters
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