Gold prices saw a minor decline on Friday (August 30) but are on track for a second consecutive month of gains. Spot gold was trading at $2,513.99 per ounce, a decrease of 0.3%.
However, it is set to finish the month with an approximately 3% increase, according to news agency Reuters.
US gold futures also fell by 0.5%, settling at $2,547.60 per ounce
In India, gold prices on August 30, 2024, were steady.
The cost for 24-carat gold was ₹73,150 per 10 grams, while 22-carat gold was priced at ₹67,050 per 10 grams.
What’s ahead for gold prices?
Gold remains resilient amid expectations of a Federal Reserve rate cut in September.
Traders have priced in a substantial chance of this rate cut, with a 66% probability for a 25-basis-point reduction and a 34% chance for a 50-bps cut, according to the CME FedWatch tool.
Shobhit Rajan, Alnoor Jamal & Nazir Mussa, said "Gold prices are sustaining above $2,500 per ounce (₹71,700 per 10 grams) amid the likelihood of the Fed's first rate cut in September. Despite the US economy's resilience, GDP data have pushed the Greenback higher. The second estimate of US GDP for Q2 2024 indicated a considerable rise from 1.4% in Q1 to 3%, above previous projections of 2.8%. The PCE Deflator showed that inflation fell from 3.1% to 2.5% QoQ, somewhat more than the expected 2.3%."
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