Gold's slight dip keeps bullish outlook intact
Gold prices declined slightly today (Wednesday) after reaching their highest level in over three months during the previous session. Investors are cautiously awaiting upcoming U.S. inflation data and Fed Chair Jerome Powell's speech at the Jackson Hole symposium. The Personal Consumption Expenditures (PCE) Price Index for July, the Federal Reserve’s preferred measure, is expected to be released at 12:30 PM GMT, which will help assess the direction of interest rates, with a roughly 61.6% chance of holding rates steady. Additionally, markets are monitoring Powell’s speech and workshops on Friday for clues about future inflation and monetary policy strategies. The precious metal has been supported by plans from the U.S. Treasury to increase long-term bond buybacks, which bolster expectations of subdued real yields and a weaker dollar—factors that generally support gold prices.
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