Gold Slips Below $2,500 Mark

Gold prices remained steady today and was trading slightly below the key $2,500 an ounce level, as the market awaited August inflation data for further insights into the anticipated Federal Reserve interest rate cut this month (September 2024). Spot gold was nearly unchanged at $2,497.53 per ounce. US gold futures edged 0.1% higher to $2,526.40. Data on Friday showed that nonfarm payrolls increased by 142,000 jobs last month (August 2024). Fed policymakers signalled they are ready to kick off a series of interest rate cuts at the US central bank's meeting in two weeks. Their (Fed officials) remarks suggested a likely quarter-point rate cut, with potential for larger reductions if the job market weakens further. Fed funds futures traders are now pricing a 71% chance of a 25 basis point cut at the Fed's Sept. 17-18 meeting, and a 29% chance of a 50 bp reduction, according to the CME FedWatch Tool. Spot silver rose 0.3% to $28.01 per ounce, platinum gained 0.3% to $924.02 and palladium was up nearly 1% at $919.76. Source: Oman News Agency