Gold remained flat as investors awaited Wednesday’s inflation data that could provide clues on the Fed’s rate path.
Gold remained flat as investors await Wednesday’s inflation data that could shape the Fed’s next move, after rising last week on signs that the U.S. economy is cooling.
Spot gold is trading at $1,922 per ounce.
It is estimated that the data to be released will come as the CPI rises to 3.1 percent, the smallest increase since March 2021, largely due to cheaper gasoline compared to a year ago.
However, most investors expect the Fed to raise rates again later this month, potentially reducing the appeal of non-interest-bearing spot gold.
On the other hand, Invesco Ltd. He noted that independent investors around the world are trying to increase their gold investments and they expect a significant portion of central banks to buy more gold.