Gold pressured by stronger dollar, with Nvidia and US data in focus
LONDON - Gold prices fell on Wednesday under pressure from a stronger dollar and uncertainty ahead of a key U.S. inflation report that could provide more clarity about the Federal Reserve's September policy meeting.was down 0.6% at $2,510.39 an ounce by 0953 GMT but held above the psychologically key level of $2,500, having climbed to a record high of $2,531.60 on Aug. 20.
Markets are focused on looming U.S. personal consumption expenditure data, the Fed's preferred measure of inflation, due on Friday. Markets are pricing in about a 66% chance of U.S. interest rates being cut by 25 basis points in September and a 34% chance of a 50 bps cut, the CME FedWatch tool shows.
With modest net inflows of 8 metric tons last week, according to the World Gold Council, gold ETFs are heading for a fourth consecutive month of inflows in August.
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