Gold prices were little changed on Monday as traders awaited more U.S. economic data this week, after recent data showed that inflation stabilized and lifted hopes for the Federal Reserve to cut interest rates later this year.
Gold prices were little changed on Monday as traders awaited more U.S. economic data this week, after recent data showed that inflation stabilized and lifted hopes for the Federal Reserve to cut interest rates later this year.
"Gold is getting a little bit of support after the marginally softer than expected Personal Consumption Expenditures numbers supported the notion that the Fed can cut rates this year," Rodda said.
Data on Friday showed that the U.S. inflation had stabilized in April, raising bets for a rate cut in September.
Spot gold may break support at $2,319 per ounce, and fall towards $2,302, according to Reuters technical analyst Wang Tao.
Persons:
Bullion, Kyle Rodda, Rodda, Wang Tao
Organizations:
Federal Reserve, Capital.com, Institute of Supply, PMI, Traders
Locations:
.