Gold prices fell 1% on Monday as markets focused on upcoming talks between the United States and Russia over the Ukraine conflict, along with July data that could bring more concerns about the Federal Reserve's interest rate outlook.
Gold was trading at $3,363.31 an ounce at 0703 GMT, having hit its highest since July 23 on Friday. US gold futures for December delivery fell 2% to $3,423.10 an ounce.
"Easing geopolitical tensions over the Ukraine war sent gold prices lower, following Friday's announcement that US President Donald Trump will meet Russian President Vladimir Putin on US soil"
Meanwhile, US consumer price data is due on Tuesday, with recent tariffs expected to push the core index up 0.3%, taking the annual rate of growth to 3%, above the Federal Reserve’s 2% target.
“If inflation is high, the US dollar could strengthen and make it difficult for gold to rise. However, I think gold prices will still be supported as investors buy on dips.”
The recent weaker-than-expected US jobs report has increased expectations that the Fed will cut interest rates in September. Markets are pricing in about a 90% chance of easing in September and at least one more cut before the end of the year.
Gold was trading at $3,363.31 an ounce at 0703 GMT, having hit its highest since July 23 on Friday. US gold futures for December delivery fell 2% to $3,423.10 an ounce.
"Easing geopolitical tensions over the Ukraine war sent gold prices lower, following Friday's announcement that US President Donald Trump will meet Russian President Vladimir Putin on US soil"
Meanwhile, US consumer price data is due on Tuesday, with recent tariffs expected to push the core index up 0.3%, taking the annual rate of growth to 3%, above the Federal Reserve’s 2% target.
“If inflation is high, the US dollar could strengthen and make it difficult for gold to rise. However, I think gold prices will still be supported as investors buy on dips.”
The recent weaker-than-expected US jobs report has increased expectations that the Fed will cut interest rates in September. Markets are pricing in about a 90% chance of easing in September and at least one more cut before the end of the year.
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Join me, I'll guide you to PROFITABLE TRADING💵!
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🟢Telegram Channel: t.me/xauusdtradingfx
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🔴24/7 support for newbies.
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Disclaimer
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