By Ashitha Shivaprasad <\/p>\n
Aug 26 (Reuters) – Gold held steady on Wednesday after scaling a more than three-month high in the previous session, as \u200cinvestors awaited a key U.S. inflation report to gauge the Federal \u200cReserve’s interest-rate path. <\/p>\n
Spot gold was little changed at $4,652.39 per ounce, as of 0150 GMT. Prices climbed \u200bto their highest since mid-May on Tuesday after last week’s sharp gains following the U.S. Treasury’s bond buyback announcement. U.S. gold futures were up 0.3% at $4,709.20. <\/p>\n
The Fed’s preferred inflation gauge, the U.S. Personal Consumption Expenditures (PCE) price index for July, \u200cis due at 1230 GMT. \u2060Attention is also on Fed Chairman Kevin Warsh’s speech on Friday at the central bank’s Jackson Hole symposium. <\/p>\n
“For gold, the \u2060most supportive outcome would be softer-than-expected inflation combined with a dovish or balanced message from Warsh, reinforcing expectations for lower real yields and reducing the opportunity \u200bcost of \u200bholding a non-yielding asset,” said Wael Makarem, \u200bfinancial markets strategists lead at \u200cExness. <\/p>\n
“A renewed deterioration in confidence around U.S. fiscal sustainability could also be important (for gold), particularly given the recent Treasury buyback plans and their impact.” <\/p>\n
Earlier this month, data showed an unexpected decline in U.S. nonfarm payrolls and in-line consumer inflation, tempering expectations of a rate hike in September. <\/p>\n
Traders are pricing in a \u200c63.6% chance that the Fed will leave \u200brates unchanged next month, according to the CME \u200bFedWatch Tool. <\/p>\n
On the geopolitical front, \u200bIran said it had restarted talks with neighbour Oman to \u200cmanage the Strait of Hormuz, sending \u200boil prices lower. [O\/R] <\/p>\n
The \u200bglobal economy has weathered the Iran war energy shock better than feared, International Monetary Fund Managing Director Kristalina Georgieva said. However, she raised concerns \u200babout deteriorating fiscal conditions \u200cin some countries. <\/p>\n
In other metals, spot silver gained 0.7% to $69.09, platinum \u200brose 0.6% to $1,869.22 and palladium firmed 1.4% to $1,345.30. <\/p>\n
(Reporting by Ashitha Shivaprasad \u200bin Bengaluru; Editing by Subhranshu Sahu) <\/p>\n","protected":false},"excerpt":{"rendered":"By Ashitha Shivaprasad Aug 26 (Reuters) – Gold held steady on Wednesday after scaling a more than three-month…\n","protected":false},"author":2,"featured_media":596182,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[42,100890,32113,118946,43,16540,40,38,41,39,269609,6978],"class_list":["post-596181","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-inflation-gauge","tag-inflation-report","tag-kevin-warsh","tag-news","tag-spot-gold","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-u-s-personal-consumption-expenditures","tag-u-s-treasury"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/596181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=596181"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/596181\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/596182"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=596181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=596181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=596181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}