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Gold stays above $4,650 as traders await US PCE and Fed guidance
The focus turns to the US Personal Consumption Expenditures Price Index and a Jackson Hole speech by Fed Chair Kevin Warsh for clues on rates, while lower bond yields support gold.
Gold extended its choppy two-way trading for a second day and was holding above $4,650 during the Asian session, according to an FXStreet market update.
Traders are waiting for the US Personal Consumption Expenditures (PCE) Price Index to gain direction on the interest rate path, with investors also watching Federal Reserve Chair Kevin Warsh’s scheduled speech at the Jackson Hole Symposium.
FXStreet said expectations have shifted toward a policy hold at the September 15 to 16 FOMC meeting as price pressures cool and the labor market remains sluggish. That outlook is expected to steer the US dollar and gold, while a US Treasury buyback strategy is contributing to lower US bond yields.
The update also pointed to developments tied to the Middle East crisis, including moves related to Strait of Hormuz shipping talks and broader Iran de-escalation signals that eased crude prices and lowered inflation concerns, applying additional pressure on bond yields and supporting gold.
Latest closeGold $4,432.00 ▲1.6%|WTI crude $82.40 ▲1.4%