Gold climbed to $3,445 per ounce on Friday, nearing April's record of $3,500, and is set for a second weekly gain, as investors sought refuge amid uncertainty over US monetary policy. Concerns that political pressure on the Federal Reserve could accelerate interest rate cuts have bolstered prices, with markets largely pricing in a 25 bps reduction in September.
Fed Governor Christopher Waller also signaled support for starting rate cuts next month, saying he "fully expects" further reductions to bring policy closer to neutral, echoing the stance of his colleagues. Meanwhile, US consumer spending rose in July by the most in four months, indicating resilient demand in the face of stubborn inflation.
The so-called core PCE price index, which excludes food and energy items and is favored by the Federal Reserve, rose 0.3% from June. From the prior year, the gauge picked up to 2.9%, the most since February. Gold has gained about 4% in August, its best monthly performance since April.
Source: trading Economi
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