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Gold prices have banked gains for the last two days, driven by multiple factors, with the upcoming Federal Open Market Committee meeting being the primary focus. The precious metal's rally comes as investors anticipate the Federal Reserve's first interest rate cut since 2020.
While a rate cut seems certain, the magnitude remains debatable. The CME's FedWatch tool indicates a 69% probability of a 25-basis point cut at the September 18 FOMC meeting, with a 31% chance of a more aggressive 50-basis point reduction. This marks a slight increase from yesterday's 30% probability for the larger cut.
Market attention now turns to the August consumer price index report, scheduled for release tomorrow. According to MarketWatch, experts anticipate the report will show inflation easing to 2.6% annually, down from July's 2.9%. This data point could further solidify expectations for a rate cut and potentially impact gold prices.
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