Gold prices dropped Monday as investors awaited US inflation data affecting Fed's interest rate adjustments.
Gold prices dropped on Monday as investors awaited key US inflation data, which could provide insights into the Federal Reserve's interest rate adjustments. Spot gold fell 0.7% to $2,344.53 per ounce, with U.S. gold futures declining 1% to $2,350.80. The U.S. is set to release producer price index (PPI) data on Tuesday and consumer price index (CPI) data on Wednesday. Gold prices may trade slightly lower due to profit-taking and a stronger U.S. dollar, with focus on the U.S. inflation data and Fed Chairman's comments later in the week. Current market predictions suggest a 65-67% chance of a rate cut at the Fed's September meeting, but this may change based on the inflation data.
May 13, 2024
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