Gold rises in early Asian trade amid hopes for Fed rate cuts that would enhance the allure of the non-interest-bearing precious metal. U.S. economic data released last Friday showed the Fed's preferred inflation gauge met expectations.
August's 12-month PCE price index rose to 2.7% from 2.6%, with core steady at 2.9%. The data have painted a steady picture of inflation, Sucden Financial's Research team says in commentary. The data also have reinforced expectations for further monetary-policy easing from the Fed, the team adds. Spot gold is 0.3% higher at $3,769.37/oz.
Source: Dow Jones Newswires
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