Gold prices flat as investors gear up for US inflation report
Gold prices remained stable on Tuesday as market participants focused on August inflation figures for hints about a likely reduction in Federal Reserve interest rates this month.
FUNDAMENTALS
<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-113210307»> * Spot gold was flat at $2,504.98 per ounce, as of 0027 GMT. U.S. gold futures edged 0.1% higher to $2,533.70.
* Trader attention on Wednesday will turn towards the U.S. Consumer Price Index (CPI) data, which is expected to show underlying inflation remains on its meandering path back down toward the central bank's 2% goal, and the Producer Price Index (PPI) reading on Thursday. * According to a report from the New York Federal Reserve released on Monday, the U.S. public's expectations for inflation remained stable last month, even as current price pressures continued to ease. * Traders of Fed funds futures are now pricing a 70% chance of a 25-basis-point cut at the Fed's Sept. 17-18 meeting, and a 30% chance of a 50 bp reduction, according to the CME FedWatch Tool.
* Lower interest rates reduce the opportunity cost of holding a zero-yield bullion.
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