Gold Holds Below All-Time High, Eyes US Stats

17 Oct 2024 , 10:30 AM

Gold prices remained below record levels on Thursday as investors awaited a flood of US economic data that could provide fresh hints about the Federal Reserve’s monetary easing course.

Data revealed that U.S. import prices fell by the most in nine months in September, indicating a benign inflation forecast that keeps the Fed on track to continue decreasing interest rates.

The spot gold price remained barely changed at $2,674.96 per ounce. Gold futures were unchanged at $2,690.40.

Market players were waiting for September retail sales and industrial output data from the United States, as well as weekly unemployment claims data, which will be released later today.

According to the CME FedWatch tool, traders estimate a 92.2% possibility of the US central bank cutting interest rates by 25 basis points (bps) next month.

The European Central Bank is expected to decrease interest rates again, citing that inflation in the eurozone is now under control and the economy is stagnant.

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