While a stronger dollar limited gains, gold prices remained stable on Monday as the market turned its attention to incoming U.S. PCE data for clues on the Federal Reserve’s policy path. As of 1151 a.m. ET (15:51 GMT), spot gold was up 0.1% at $3,373.49 an ounce, following its peak price on Friday since August 11. At $3,418.60, U.S. gold futures for December delivery were steady.<\/p>\n
The dollar appreciated 0.4% versus other fiat currencies, increasing the cost of bullion priced in the currency for overseas purchasers. The market is taking in Powell’s remarks from Friday while we wait for further information that could provide a more accurate picture of the probability of a rate drop in September, according to Peter Grant, senior metals strategist and vice president at Zaner Metals. I believe that the summertime blues will be over in the upcoming weeks. Therefore, I expect that the gold rally will resume its intensity.<\/p>\n
After Fed Chair Jerome Powell hinted at a potential interest rate cut at the U.S. central bank’s meeting next month, gold prices surged to a nearly two-week high on Friday. Powell stated that although inflation was still a worry and a decision had not yet been made, job market risks were increasing.<\/p>\n
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