At 9:52 a.m. ET (1352 GMT), spot gold was down 0.2% at $2,515.99 an ounce and U.S. gold futures were down 0.4% at $2,549.60.
Gold is on track to gain 3% this month after hitting a record high of $2,531.60 on Aug. 20. For the week, the metal rose 0.2%.
Data from earlier in the day Trade The department showed the price of personal consumption expenditure (PCE) index rose 0.2% last month, in line with economists’ forecasts. [USD/][US/]
PCE data confirms that inflation is no longer the Fed’s primary concern as they have shifted their focus to unemploymentwhich further validates potential rate cuts in September, said Alex Ebkarian, chief operating officer at Allegiance Gold. “Next week will be much more volatile as we’re seeing more unemployment numbers,” Ebkarian added. Traders slightly raised bets on a 25-basis-point rate cut by the Fed next month to 69%, with the 50-basis-point cut chance dropping to 31% after the inflation report, according to the CME FedWatch tool. On the physical front, gold discounts in India widened this week to their highest in six weeks as a surge in prices curbed buying, while new import quotas failed to lift Chinese inflation. demand. [GOL/AS]
“Systematic trend followers are indeed long-term. We also believe that Shanghai positioning “Gold is near all-time highs, even though physical demand in China has been fairly weak, as have inflows into Chinese gold ETFs,” said Daniel Ghali, commodity strategist at TD Securities.
“Overall, we believe the first cohort that flashes could actually create a snowball effect on subsequent selling activity.”
Spot silver fell 0.6% to $29.27 an ounce and platinum was flat at $937.70.
Palladium fell 0.3% to $976.50 but is up more than 5% so far this month.
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