Gold prices steady as investors await US economic data
Gold was trading at $3,390.27 per ounce, after briefly reaching its highest level since August 11. US gold futures remained largely unchanged at $3,447.40 an ounce.
In India, gold prices were Rs 1.02 lakh per 10 grams for 24 karat. They were Rs 94,050 per 10 grams for 22 karat. Additionally, prices were Rs 76,950 per 10 grams for 18 karat.
Investors are focused on the US Personal Consumption Expenditures (PCE) Price Index, due on Friday. Economists predict a 2.6% increase in July.
The Federal Reserve’s interest rate trajectory is being closely watched, with traders expecting a 25-basis-point rate cut in September. Analysts believe gold prices could push above $3,400 with the right data.
Gold has benefited from a weaker US dollar and trade tensions. In India, the rupee’s decline has added upward pressure on domestic gold prices.
The festive season is expected to drive demand and maintain positive momentum for gold prices in India. International gold prices rose over 1% in August, and year-to-date, gold has delivered a 28% return in 2025.
