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(Bloomberg) — Gold steadied after a two-day advance ahead of US inflation data that may offer clues on the size of the Federal Reserve’s expected rate cut next week.
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Bullion traded near $2,520 an ounce, after climbing 0.8% in the previous two sessions, as traders prepared for US consumer and producer price figures later Wednesday. A 22V Research survey showed that 56% of respondents believe that core inflation is on a “Fed-friendly glide path,” although traders are now focused on signs of weakness in the labor market for hints on just how aggressively officials will cut. Lower rates are typically positive for the non-interest bearing precious metal.
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Markets will also be monitoring the first, and probably only, debate between Donald Trump and Kamala Harris later on Tuesday evening. The event could be a pivotal moment for both US presidential candidates in what has been a tumultuous race so far
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Spot gold was flat at $2,517.88 as of 7:27 a.m. in Singapore, after peaking at a record $2,531.75 in August. The Bloomberg Dollar Spot Index was steady, following three sessions of gains. Silver and platinum were little changed, while palladium edged higher
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