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Gold has fallen over 5% this month to $4193.7, as the market awaits US PCE data for future guidance.
Spot gold rose 0.3% on Wednesday to $4193.7 per ounce, but its cumulative monthly decline still exceeds 5%. The market is closely watching the US Personal Consumption Expenditures (PCE) inflation data, to be released tonight (20:30 Beijing time), to gauge the Federal Reserve's subsequent interest rate hike path and gold's trend. CME FedWatch data shows that traders are pricing in a 91% probability of a Fed rate hike in December. Tony Sage, CEO of Critical Metals, stated that the PCE data will be a crucial test for gold's short-term trend; if the data comes in below expectations, it could support gold prices, while a higher-than-expected reading could put renewed pressure on gold.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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