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Gold prices remained stable near $2,520 per ounce on Wednesday as investors turned their focus to the upcoming US inflation report. The data is expected to provide crucial insights into the Federal Reserve’s potential interest rate cut at its upcoming meeting. Market sentiment has been cautious following last week’s jobs report, which showed fewer job additions than expected, but a slight dip in the unemployment rate.
Analysts are forecasting that the annual US inflation rate will slow to 2.6% in August, down from 2.9% in July. The monthly inflation rate is expected to remain unchanged at 0.2%. These figures are significant for the Fed’s decision-making process, as markets now anticipate a 67% chance of a 25 basis points (bps) rate cut, with a 33% chance of a more aggressive 50 bps reduction, according to the CME FedWatch tool.
A rate cut could have a positive impact on gold, as lower interest rates reduce the opportunity cost of holding non-interest-bearing assets such as bullion. Investors continue to monitor economic signals to gauge how the Fed will respond in its upcoming meeting, with expectations of looser monetary policy potentially boosting gold’s appeal.
In addition to economic data, traders are keeping an eye on the political scene. The first debate between US presidential candidates Kamala Harris and Donald Trump is adding another layer of uncertainty as the November election approaches. Political developments could further influence market sentiment in the near term.
Overall, gold’s stability reflects a wait-and-see approach from investors, who are weighing economic data and political factors before making significant moves. The next few weeks could see heightened volatility as the Fed’s rate decision draws near.
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