Gold rebounds slightly after 6 sessions ahead of key US inflation data | World News

Investors await September’s US consumer price index (CPI) due at 1230 GMT, which is expected to show core inflation holding steady at 3.2 percent annually, according to economists polled by Reuters.

Their focus will shift to US producer price index data on Friday.

“By the end of today when the (CPI) data comes out, we expect gold prices to potentially challenge the $2,640 level,” said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.

San Francisco Fed President Mary Daly on Wednesday voiced strong support for last month’s half-percentage-point interest rate cut, indicating that one or two more cuts were likely this year if the economy performed as expected. expectations.

“We also continue to see strong gold buying by central banks and believe uncertainty around the fast-approaching US election should support bullion,” USB said in a note, adding that it expects gold to reach to $2,850 an ounce by mid-2025. .

Spot silver was flat at $30.51 an ounce, platinum added 1.2% to $956.50 and palladium added 0.4% to $1,043.74.

First publication: October 10, 2024 | 3:33 p.m IST