Spot Gold plumbed a fresh 1-month low of $3,289.33 per troy ounce on Friday, dragged down by stronger-than-anticipated US macro data, which dampened Fed rate cut expectations.
Durable goods orders grew at the fastest monthly rate since July 2014 in May, 16.4%, while the number of people who filed for unemployment benefits last week dropped to a five-week low of 236,000.
Market players are now expecting the key US PCE inflation figures for more guidance on the Federal Reserve’s interest rate trajectory.
Annual core PCE inflation probably picked up to 2.6% in May from 2.5% in April, according to market consensus, while annual PCE inflation probably accelerated to 2.3% from 2.1%.
In the meantime, media reports stated that US President Trump could announce his Fed Chair nominee as early as September or October, as he would likely favor a candidate who supports looser monetary conditions.
Fed Chair Jerome Powell said this week the absence of new tariffs supported disinflation and created room for several rate cuts in case extensive levies are held off after the July 9th deadline.
Spot Gold was last down 1.07% on the day to trade at $3,292.16 per troy ounce.
The precious metal was poised to record its steepest weekly loss since early May, being down 2.40% so far this week.
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