Gold Set for Monthly Gain
Gold prices edged lower on Friday, but were set for a monthly gain ahead of U.S. inflation data that will provide more cues on the Federal Reserve’s rate cut trajectory.
Spot gold was down 0.3% at $3,407.14 per ounce. Bullion has gained 3.6% in August and hit $3,423.16 on Thursday, its highest level since July 23. U.S. gold futures for December delivery eased 0.1% to $3,471.70.
The dollar rose, but was set for a monthly drop of 2.2%. Benchmark 10-year yields were slightly above a two-week low hit on Thursday, but were headed for a monthly loss.
All eyes are on the Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation gauge, due later in the day.
