Gold Holds Near $4,396 Awaiting US Inflation Data
Spot gold remains steady near $4,396 as traders brace for US inflation data that suggests a significant likelihood of a Federal Reserve rate hike. Amid this backdrop of tightening monetary policy, the ECB is also expected to hike rates today to combat energy-driven inflation.
GN markets/inflation (en-US) reports that the CME FedWatch tool currently indicates a 60 percent probability of a US rate hike this month, while noting that the European Central Bank is poised to raise rates for the second time this year.
Source: GN markets/inflation (en-US)Per GN auto markets/commodities: gold prices, December-delivery gold futures slipped 0.4% to $4,440.80, while silver remained flat at $67.30. The report notes that traders are bracing for this afternoon's PPI release and Friday's consumer inflation data, which will be pivotal for the Fed's rate outlook.
Source: GN auto markets/commodities: gold pricesSpot gold remains near $4,396 per ounce as traders await key US inflation reports. The market is positioned for a potential shift in Federal Reserve policy.
Source: GN auto markets/commodities: gold prices
