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In the latest news, gold (XAU/USD) is currently trading at $2649.92, down 0.32% at 09:51 GMT. Despite a slight pullback, gold is poised to have its best quarter since 2016, with prices surging over 14% fueled by a dovish U.S. Federal Reserve, geopolitical tensions in the Middle East, and China’s stimulus measures. The precious metal has been flirting with record highs and could potentially reach $2,700 if upcoming U.S. labor market data aligns with expectations for further rate cuts by the Federal Reserve.
On the other hand, rising U.S. Treasury yields have been causing concerns among investors as they analyze the latest inflation data. The Personal Consumption Expenditures (PCE) index showed a modest increase in August, with the annual inflation rate slowing to 2.2%. Core PCE, excluding volatile food and energy prices, rose 2.7% year-on-year, suggesting that inflation pressures may be easing. Market participants are eagerly awaiting additional economic data, including non-farm payrolls and unemployment figures, as well as insights from Fed officials like Chair Jerome Powell for more clarity on the central bank’s rate outlook.
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