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<\/p>\n[BENGALURU] Gold prices were flat on Wednesday (Sep 10), as investors awaited key inflation reports due later this week, while expectations of a US interest rate cut this month helped keep bullion above the critical US$3,600-per-ounce level. <\/p>\n
Spot gold held its ground at US$3,624.39 per ounce, as at 9.01 am, after hitting a record high of US$3,673.95 on Tuesday. <\/p>\n
US gold futures for December delivery slipped 0.5 per cent to US$3,662.30. <\/p>\n
The US dollar index extended its gains against rival currencies, rebounding from a seven-week low hit in the previous session and making gold more expensive for other currency holders. <\/p>\n
US 10-year Treasury yields edged higher from a five-month low. <\/p>\n
Focus now shifts to US producer price inflation data, due later in the day, followed by consumer price inflation reading on Thursday for more cues on the Federal Reserve\u2019s interest rate trajectory. <\/p>\n
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The US economy likely created 911,000 fewer jobs in the 12 months to March than previously estimated, the government said on Tuesday, suggesting that job growth was already stalling before US President Donald Trump\u2019s aggressive tariffs on imports. <\/p>\n
US nonfarm payroll data released last week also pointed to weakening labour market conditions and sealing the case for a Fed rate cut next week. <\/p>\n
Markets are fully pricing in a 25-basis-point rate cut next week, while the likelihood of a larger 50-basis-point cut stands at around 8 per cent, according to CME Group\u2019s FedWatch Tool. <\/p>\n
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