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Gold prices continued to trade lower, now for the second consecutive day. As of 5:30 PM ET, the most active August gold futures contract was fixed at $2,309.40, down $22.30 or - 0.96%.
Recent statements from Federal Reserve officials have further influenced market sentiment. Fed Governor Lisa Cook acknowledged progress on inflation and a gradually cooling labor market but did not specify a timeline for rate cuts. Meanwhile, Fed Governor Michelle Bowman stated that it was not yet time to begin decreasing interest rates and even suggested the possibility of rate hikes if inflation persists.
Fed Chairman Jerome Powell previously emphasized the need for greater confidence in economic data before making policy adjustments. A favorable PCE report could provide the beginning of the"string of good economic data" that the Fed is looking for, potentially paving the way for earlier rate cuts than recently suggested by Governors Cook and Bowman.
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