Muscat: Spot gold was steady at $3,390.91 per ounce, after briefly touching its highest level since August 11 earlier in the session. Meanwhile, US gold futures for December delivery settled at $3,446.70.
Market focus has now shifted to Friday’s release of the PCE index, the Fed’s preferred measure of inflation, which is expected to provide clearer signals on the central bank’s policy path.
According to the CME FedWatch tool, traders are currently pricing in an 88% probability that the Fed will cut interest rates by 25 basis points at its upcoming monetary policy meeting next month.
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