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Gold prices fluctuate amid U.S. inflation data and Fed outlook
Gold prices have experienced volatility, retreating from recent three-month highs as investors digest key U.S. economic data. The July Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, rose 0.2% month-over-month and 3.7% annually. Core PCE, which excludes volatile food and energy prices, also increased 0.2% monthly and 3.3% annually, aligning with market expectations.
Market participants are closely monitoring the upcoming Jackson Hole Economic Policy Symposium, specifically the address by Fed Chair Kevin Warsh, for signals regarding future interest rate trajectories. Currently, the CME FedWatch Tool indicates a 61.6% probability that the Federal Reserve will maintain current interest rates at its next meeting.
Financial institutions are adjusting their outlooks. Citi has raised its three-month gold target to $4,800 per ounce, while maintaining a 6-to-12-month target of $5,000. This bullish sentiment is further supported by the U.S. Treasury's recent announcement regarding increased bond repurchases, which has influenced market liquidity and dollar strength. Spot gold has recently consolidated around the $4,640 level following a period of sharp gains.
Entities
Citi · Citibank · Federal Reserve · Gold · JPMorgan Chase & Co. · Jackson Hole · Jackson Hole Economic Policy Symposium · Jackson Hole Economic Symposium · Kevin Warsh · Scott Bessent · U.S. Department of the Treasury · U.S. Treasury
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Personal income increased by 0.4% in July. www.yorumla.net
- [● 3 SOURCES] The U.S. Treasury announced plans to increase the repurchase of long-dated government bonds. economymiddleeast.com · www.sadanews.ps · revista.tempo.co.mz
- [○ 1 SOURCE] Citi has raised its gold price target to $4,800 per ounce for the next three months. www.albiladpress.com
- [● 9 SOURCES] Traders estimate a 61.6% probability that the Federal Reserve will keep interest rates unchanged at the next meeting. www.albiladpress.com · economymiddleeast.com · libya24.tv · www.marebtoday.net · revista.tempo.co.mz · +4 more
- [DISPUTED] The July Personal Consumption Expenditures (PCE) price index rose 0.2% month-over-month and 3.7% year-over-year. www.ekoturk.com · cn.dailyeconomic.com · www.yorumla.net
- [DISPUTED] Core PCE price index rose 0.2% month-over-month and 3.3% year-over-year. www.ekoturk.com · cn.dailyeconomic.com · www.yorumla.net
- [● 3 SOURCES] Spot gold prices declined to approximately $4,640 per ounce following recent highs. economymiddleeast.com · revista.tempo.co.mz · sondakikakibris.com
- [○ 1 SOURCE] Citi maintains a gold target of $5,000 for the 6-to-12-month period. www.albiladpress.com