Gold prices edged higher in early Asian trading following the release of a softer-than-expected U.S. personal-consumption expenditures reading from end-September. According to Société Générale, this data likely tempered Federal Reserve rate-hike bets for October, offering the precious metal a tentative foothold as it entered the month. Markets had priced roughly a 40% chance of an October Fed move.
Analysts at Société Générale describe the metal's movement as a "tug of war" between structural buyers, including central banks and exchange-traded-fund flows, and macro headwinds such as a strong dollar and rising interest rates. Spot gold rose 0.3% to $4,155.78 a troy ounce.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing