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U.S. central bank will likely start cutting interest rates next week with traders raising bets for a 25-basis-point cut to 87 percent
Traders expect the CPI report to show that inflation is nearing the Fed's 2 percent target
Traders expect the inflation data to reflect further disinflation which will support a rate cut by the Fed
The MPC noted that domestic real GDP growth had moderated to 2.2 percent in the first quarter of 2024
Bank credit to the private sector rose by 3.4 percent to OMR26.3 billion
China's central bank held back on buying gold for a fourth month in a row in August, according to official data
Brent crude futures rose by 99 cents, or 1.39 percent, to $72.05 per barrel
Brent was on track to drop nearly 8 percent this week, while WTI was headed for almost a 6 percent decline
The possibility of a 50-basis-point rate cut by the Federal Reserve this month has risen from 34 percent last week to 41 percent
Traders are on the lookout for the ADP employment report and jobless claims data due later in the day
So far this year, gold prices have gained over 29 percent, rising to a record high of $2,531.60 on August 20
Growth is stabilizing, the current account deficit is narrowing, risk premiums are down, says minister
Gold prices may rally if reports signal a weaker economy and the Fed considers a larger rate cut
The U.S. personal consumption expenditures (PCE) price index rose 0.2 percent in July, in line with expectations
Gold prices gained almost 3 percent in the last 30 days, marking their second consecutive monthly gain
Brent oil futures for October rose 0.2 percent to $80.08 a barrel
Traders priced in a 65.5 percent chance of a 25-basis-point cut and a 34.5 percent chance of a bigger 50-basis-point reduction
Brent oil futures for October delivery dipped slightly to $78.62 a barrel
Markets now await the release of the U.S. PCE data, the Federal Reserve's preferred measure of inflation, on Friday
Traders now see a 70 percent chance of a 25-basis-point rate cut and about a 30 percent chance of a bigger 50-basis-point reduction
The dollar hovered near its lowest level in 13 months, making gold cheaper for other currency holders
Brent oil futures for October delivery advanced 0.8 percent to reach $79.59 per barrel
Gold prices fell almost 1 percent this week after hitting a record high on Tuesday
Brent oil futures expiring in October edged up 0.1 percent to $77.26 per barrel
