Gold Steady at Record Peaks
Gold remained near $2,670 per ounce on Friday, trading at record levels as markets braced for the highly anticipated US PCE report for further guidance on the Federal Reserve's monetary policy outlook.
The Fed's preferred inflation gauge will be closely monitored later in the day, as strong data from Thursday challenged expectations for an aggressive rate-cutting cycle. US GDP growth was confirmed at an annualized 3% for the second quarter, with jobless claims unexpectedly declining and durable goods orders holding steady.
Still, fed funds futures indicate that markets anticipate about a 49% chance of another 50 basis point reduction in November. In the meantime, China's additional fiscal stimulus and the increasing risk of a broader conflict in the Middle East continue to bolster gold's appeal. For the week, bullion is on track for a third consecutive gain.
Source: Trading Economics
