GOLD prices were flat on Thursday (Aug 15) after a 1 per cent drop in the last session, as US data showing consumer prices rose as expected last month lowered bets of a bigger rate cut from the Federal Reserve in September.
Spot gold was nearly unchanged at US$2,448.49 per ounce, as at 0155 GMT, after bullion prices fell their most since Aug 6 on Wednesday. US gold futures rose 0.26 per cent to US$2,486.00.
Data on Wednesday showed that the US consumer price index rose moderately in July and the annual increase in inflation slowed to below 3 per cent for the first time since early 2021.
The data opened the door wider for the US central bank to cut rates next month but a larger reduction is unlikely.
Traders now see about 36 per cent chance of a 50-basis-point rate cut in September, down from 50 per cent prior to the data release, according to the CME FedWatch Tool.
A low interest rate environment tends to boost non-yielding bullion’s appeal.
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Market focus will be now on US retail sales and initial jobless claims data due at 1230 GMT.
Elsewhere, Hamas said on Wednesday it would not take part in a new round of Gaza ceasefire talks slated for Thursday in Qatar, but an official briefed on the talks said mediators expected to consult with the Palestinian group afterwards.
Spot silver fell 0.4 per cent to US$27.49 per ounce, platinum gained 0.4 per cent to US$923.35 and palladium shed 0.9 per cent to US$927.25
South Africa’s Northam Platinum warned of a sharp fall in profit, saying it expected an uncertain global economic outlook to keep platinum group metal (PGM) prices low for “some time”. REUTERS
