Gold edges higher in early Asian trade, but price action remains unconvincing, according to OCBC Group Research. Despite softer core PCE inflation lowering expectations for an October Fed hike, sentiment stays sluggish and gains struggle to sustain.
Softer inflation alone may not be enough while the broader yield and oil backdrop remain unfavorable for gold, OCBC adds. The focus remains on whether U.S. Treasury yields can find a peak, but the precious metal faces near-term pressure.
Spot gold is 0.05% higher at $4,161.67 a troy ounce.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing