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<\/p>\n[BENGALURU] Gold held firm near a record high on Monday (Sep 22) as investors awaited US inflation data and a slew of Federal Reserve speakers this week for additional policy cues after the central bank lowered interest rates last week and signalled potential further easing.<\/p>\n
Spot gold edged up 0.1 per cent to US$3,689.08 per ounce by 8.44 am. Bullion hit a record high of US$3,707.40 on Wednesday.<\/p>\n
US gold futures for December delivery climbed 0.5 per cent to US$3,724.50.<\/p>\n
Market focus has shifted to the release of the US core Personal Consumption Expenditure price index, the central bank\u2019s preferred inflation gauge. The data is due on Friday.<\/p>\n
The Fed cut rates by 25 basis points last week, signalling potential future easing while cautioning about persistent inflation.<\/p>\n
At least a dozen Fed officials are scheduled to speak this week, including chair Jerome Powell on Tuesday, as markets look for further insights into the central bank\u2019s monetary policy outlook.<\/p>\n
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New Fed governor Stephen Miran on Friday defended himself as an independent policymaker after dissenting in favour of steep rate cuts at Wednesday\u2019s policy meeting and adding that he hopes to convince his fellow policymakers to support larger cuts in future meetings. <\/p>\n
Investors are broadly expecting two additional rate cuts this year, 25 bps each in October and December, with probabilities of 93 per cent and 81 per cent, respectively, according to the CME FedWatch tool. <\/p>\n
Bullion has gained more than 40 per cent this year, driven by broader geopolitical and economic uncertainty, central bank buying, and monetary policy easing. <\/p>\n
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