Gold strengthened on Friday (September 26th) after US inflation data matched expectations, bolstering speculation that the Federal Reserve will continue interest rate cuts later this year.
Spot gold rose 0.8% to $3,778.62 an ounce at 1:30 p.m. EDT (17:30 GMT), after hitting a record $3,790.82 earlier in the week. The precious metal has risen about 2.5% this week. US gold futures for December delivery closed 1% higher at $3,809.
"Monthly PCE data was appropriate, although personal income and spending were only a tenth above expectations. None of this data will deter the Fed from continuing its cautious rate cuts at its October meeting," said Tai Wong, an independent metals trader.
Data showed that the US Personal Consumption Expenditures (PCE) price index rose 2.7% year-on-year in August, in line with economists' expectations in a Reuters poll. Investors now see an 88% probability of a rate cut in October and a 65% chance of a rate cut in December. The market will also be watching statements from Richmond Fed President Thomas Barkin and Fed Vice Chair Michelle Bowman for clues on the Fed's stance.
Gold, a traditional safe-haven asset, typically benefits from lower interest rates. On the trade front, President Donald Trump announced a new round of tariffs on imported pharmaceuticals, trucks, and furniture, effective October 1.
Among other metals, spot silver rose 2.6% to $46.41 an ounce, reaching its highest level in more than 14 years, while palladium rose 2.8% to $1,284.77, putting it on track for a weekly gain. Platinum rose 2.5% to $1,568.21, its highest in more than 12 years. (alg)
Source: Reuters
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" ...
Gold prices hit another record high, while silver held near its all-time high. This rise was driven by two major factors: the escalating Greenland crisis and turmoil in the Japanese government debt ma...
Gold prices remained near all-time highs on Tuesday, hovering around $4,670 per ounce. Demand for safe haven assets remained strong as US-European trade tensions escalated, prompting investors to refr...
Gold and silver hit new records after US President Donald Trump threatened to impose tariffs on eight European countries that oppose his Greenland plan. This situation immediately pushed investors int...
Gold price rises on Friday, poised to end with weekly gains of nearly 4% as an employment report in the US was mixed, with the economy adding fewer jobs than projected. Still, the Unemployment Rate ti...
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...