Gold prices soften, see little relief from increased rate cut bets [Yahoo! Finance]
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HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
The yellow metal remained squarely within a trading range established through most of June, also making little headway as the dollar sank. Spot gold fell slightly to $2,325.74 an ounce, while gold futures expiring in August fell 0.2% to $2,336.05 an ounce by 00:09 ET (04:09 GMT). Gold marks little gains as Sept rate cut bets increase Sentiment towards metal markets, especially gold, remained strained even as traders increased their expectations for a September rate cut, following PCE price index data from last week. The dollar index sank over 0.2% on Monday, extending losses from the prior session. The CME Fedwatch tool showed traders pricing in a nearly 58% chance for a 25 basis point cut in September. While the prospect of lower rates bodes well for metal markets, prices made little headway as traders awaited a slew of cues from the Fed and the economy this week. Fed Chair Jerome Powell is set to speak on Tuesday, while the minutes of the Fed's June meeting are due on
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News
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