Gold steady at $4,654.17 as markets await PCE inflation data
Business
Gold prices barely budged on Wednesday, sticking around $4,654.17 per ounce.
Everyone is waiting for the latest US inflation data (the PCE index), which could hint at whether the Federal Reserve will change interest rates in September.
Meanwhile, US gold futures ticked up 0.4% to $4,711.40.
Traders expect Fed unchanged next month
Right now, 60.4% of traders think the Fed will keep rates unchanged next month, which is keeping gold prices calm.
Silver and platinum also saw tiny bumps, while palladium jumped a bit more.
Even with global economic jitters, demand for gold is holding strong; China's net gold imports via Hong Kong rose about 11% in July from June.