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Gold futures opened flat at $4,468.80 an ounce, with a monthly gain of nearly 10%, as the market focused on the PPI report to gauge the Federal Reserve's September rate hike prospects.
Gold futures for December delivery opened at $4,468.80 per ounce on Thursday, August 13, Eastern Time, flat with Wednesday's closing price, and were trading at $4,441.10 as of 7:53 AM. Gold prices have opened above $4,400 for the fourth consecutive trading day, as market expectations for a September rate hike by the Federal Reserve are fading. Jennifer Schonberger, Federal Reserve reporter for Yahoo Finance, stated that yesterday's cooling CPI report strengthened the Federal Reserve's case for waiting to raise rates, and today's Producer Price Index (PPI) report will provide the market with more signals regarding the Federal Reserve's stance at next month's meeting.
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