Gold Prices Headed for Monthly Loss as Interest Rates Weigh
Gold prices held steady on Wednesday but remained on track for a monthly decline due to expectations of higher interest rates. Spot gold was little changed at $4,178.59 per ounce as of 0037 GMT and was down nearly 6% so far this month.
US gold futures gained 0.7% to $4,210.30, while investors turned their attention to US inflation data for clues on the Federal Reserve's policy path. The US personal consumption expenditures (PCE) price index is due at 1230 GMT, and the nonfarm payrolls report is scheduled for release on Friday.
Federal Reserve Bank of New York President John Williams stated that the US central bank has time to weigh economic data before deciding when to hike interest rates again. He added that one more increase is likely before the year ends, with a 50% chance of a Fed rate increase in October and a 92% chance of a hike in December.