By 0238 GMT, spot gold rose 0.7% to $3,470.69 per ounce, hitting its highest since April 23. U.S. gold futures for December delivery gained 0.8% to $3,543.70.
“Dovish comments from Fed’s Daly helped traders looked past a higher core PCE read on Friday, and kept the door open for a 25 basis point cut this month,“ City Index senior analyst Matt Simpson said.
Data showed that the U.S. Personal Consumption Expenditures (PCE) price index rose 0.2% month-on-month, and 2.6% year-on-year, both in line with expectations.
Traders are currently pricing in an 87% chance the Fed will ease rates by 25 basis points later this month, according to the CME FedWatch tool.
Focus now shifts to the U.S. non-farm payrolls data, due on Friday, that could determine the size of the Fed's expected rate cut later this month.
Elsewhere, platinum gained 0.9% to $1,376.95 and palladium climbed 0.8% to $1,118.12. -
REUTERS
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