Eco
Gold prices declined on Wednesday, heading towards a monthly loss, as expectations of interest rate hikes continue to weigh on market sentiment. Investors are closely awaiting crucial upcoming US inflation data, seeking indicators for the Federal Reserve's (US Central Bank) next monetary policy move. Spot gold fell by 0.2% to $4170.63 per ounce by 01:50 GMT, having already recorded a loss exceeding 6% since the beginning of the current month. Conversely, US gold futures saw a 0.5% rise, reaching $4201.90. This decline occurs as the dollar is set to achieve monthly gains, making dollar-denominated metals more expensive for holders of other currencies. All eyes are now focused on the US Personal Consumption Expenditures (PCE) price index, scheduled for release at 12:30 GMT.
