Gold prices dip but remain on track for second consecutive monthly gain
Shafaq News/Gold prices edged lower on Friday, but the metal is set to record its secondconsecutive monthly gain as expectations rise that the US Federal Reserve maycut interest rates next month. Traders are also awaiting key inflation datafrom the United States.
Spot goldfell 0.3% to $2,513.70 per ounce by 0543 GMT. Despite the decline, gold is ontrack to achieve nearly a 3% monthly gain.
US goldfutures dropped 0.5% to $2,547.10 per ounce.
According tothe CME Group's FedWatch tool, traders are currently pricing in a 66% chance ofa 25 basis point rate cut by the US Federal Reserve next month and a 34% chanceof a 50 basis point cut.
Theseprobabilities could be influenced by the US Personal Consumption Expenditures(PCE) data, which is set to be released at 1230 GMT.
Datareleased on Thursday showed that US weekly jobless claims fell slightly lastweek, though re-employment opportunities for those who lost their jobs havebecome scarcer.
On thegeopolitical front, a senior World Health Organization official stated onThursday that the Israeli military and Hamas agreed to three separate temporaryceasefires in specific areas of Gaza, each lasting three days, to allow poliovaccination campaigns. However, tensions remain high amid fears of escalatingconflict in the region.
Among otherprecious metals, spot silver was steady at $29.44 per ounce, while palladiumrose 0.1% to $981.00. Both metals are on track for monthly gains.
Platinumgained 0.8% to $945.10 per ounce but is heading for its third consecutivemonthly loss.
