Gold Steadies Ahead of US PCE Inflation Data
Gold hovered around $4,650 an ounce on Wednesday, remaining near three-month highs as investors awaited the latest US PCE price index report, the Federal Reserve’s preferred measure of inflation. Attention is also turning to Fed Chair Kevin Warsh’s speech at the annual Jackson Hole symposium on Friday, although he is not expected to provide clear guidance on the central bank’s policy decision in September. Investors continued to assess the US Treasury’s decision to double liquidity-support buyback operations for longer-dated notes and bonds, a move that helped push the dollar to a more than three-month low last week. Meanwhile, oil prices fell for a third consecutive session, easing inflation concerns and further supporting the bullish outlook for gold. Elsewhere, China’s net gold imports through Hong Kong rose around 11% month-over-month in July, supported by stronger investment demand.
Gold hovered around $4,650 an ounce on Wednesday, remaining near three-month highs as investors awaited the latest US PCE price index report, the Federal Reserve’s preferred measure of inflation.
Attention is also turning to Fed Chair Kevin Warsh’s speech at the annual Jackson Hole symposium on Friday, although he is not expected to provide clear guidance on the central bank’s policy decision in September.
Investors continued to assess the US Treasury’s decision to double liquidity-support buyback operations for longer-dated notes and bonds, a move that helped push the dollar to a more than three-month low last week.
Meanwhile, oil prices fell for a third consecutive session, easing inflation concerns and further supporting the bullish outlook for gold.
Elsewhere, China’s net gold imports through Hong Kong rose around 11% month-over-month in July, supported by stronger investment demand.