At 9:29 a.m. ET (1329 GMT), spot gold was up 0.3% at $2,510.44 an ounce. U.S. gold futures were up 0.2% at $2,543.60.
“The market appears to be pricing in a rate cut no matter what, and now it’s simply a question of how big of a rate cut the Fed will make,” said Everett Millman, chief market analyst at Gainesville Coins.
“My expectation right now is that at least until we get to the next Fed meeting, the gold market… willpower It will probably move sideways, but there seems to be a strong support floor due to geopolitics.”
The Israeli military said its troops killed five Palestinian militants hiding inside a mosque in western Israel. Bank Tulkarem city. Gold, which does not produce interest of its own, is used as a safe investment in times of economic and geopolitical uncertainty. Earlier data showed that initial claims for unemployment benefits in the United States fell last week, and the Labor Department added that the unemployment rate likely remained high in August. Federal Reserve Chairman Jerome Powell noted last Friday interest rate Cuts were imminent in a nod to concerns about the labor market. Traders see a 67.5% chance of a 25 basis point (bp) rate cut in September and a roughly 32.5% chance of a larger 50 bp reduction, according to the CME FedWatch tool.
Investors are now looking ahead to the personal consumption expenditures (PCE) price index, the Fed’s preferred measure of inflation, due out on Friday.
If the inflation report is positive, it will be another argument in favor of cutting rates in September and will push gold prices higher, said Julia Khandoshko, CEO of European Bank. corridor Be careful with money.
Elsewhere, spot silver rose 0.6% to $29.27, platinum gained 1.1% to $939.85 and palladium rose 0.8% to $954.00.
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