Gold Rises Ahead of Inflation Data as Traders Await Rate Cut
Gold rose for the third day ahead of US inflation data that may offer clues on the size of the Federal Reserve's expected rate cut next week.
Bullion traded near $2,525 an ounce as traders prepared for US consumer and producer price figures later Wednesday. That's less than $7 off the record high set last month.
A 22V Research survey showed that 56% of respondents believe that core inflation is on a "Fed-friendly glide path," although traders are now focused on signs of weakness in the labor market for hints on how aggressively officials will cut. Lower rates are typically positive for the non-interest bearing precious metal.
Spot gold was up 0.3% at $2,525.17 an ounce as of 8:09 a.m. in London, after peaking at a record $2,531.75 in August. The Bloomberg Dollar Spot Index fell 0.2% following three sessions of gains. Silver, platinum and palladium all rose.
Sumber : Bloomberg
