Gold traded around $3,410 per ounce on Friday (August 29th), nearing its highest level in more than a month and eyeing a second weekly gain. Support came from a weakening US dollar and demand for safe havens amid uncertainty over the direction of US monetary policy.
Expectations for a 25-bps Fed rate cut in September strengthened after dovish signals from Governor Christopher Waller, opening the door to further cuts toward a neutral policy stance. The market awaited US personal consumption data due today, while a slightly stronger revision to second-quarter GDP growth fueled inflation concerns—putting gold on track for its best monthly performance since April.
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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