Event brings together senior officials and key business leaders
Gold prices rose on Thursday, a day after US inflation data suggested the Federal Reserve might reduce interest rates next month though the extent of cuts remains uncertain, prompting investors to await further economic indicators.
Spot gold was up 0.5 per cent at $2,460.38 per ounce as of 1131 GMT, just $23 shy of the record high of $2,483.60 reached last month. US gold futures rose 0.7 per cent to $2,497.70.
"Gold continues to find resistance in the $2,475-80 area with traders increasingly looking for the rate cut cycle to start before potentially adding more exposure," said Ole Hansen, head of commodity strategy at Saxo Bank, adding that the market is torn between whether a 25 or a 50-basis point will be delivered next month.
Markets have priced in a 100 per cent chance of a US rate cut in September, according to the CME FedWatch Tool.
Data on Wednesday showed that the US consumer prices rose moderately in July and the annual increase in inflation slowed to below three per cent for the first time in nearly 3-1/2 years, opening the door wider for the Fed to cut interest rates next month.
Atlanta Fed President Raphael Bostic is open to an interest-rate cut in September, he told the Financial Times, adding the Fed can't "afford to be late" to ease monetary policy.
A low interest rate environment tends to boost non-yielding bullion's appeal.
The market focus will now be on US retail sales and initial jobless claims data.
"If the labour market softens that would be mildly supportive for gold, and vice versa," said StoneX analyst Rhona O'Connell.
Among other metals, spot silver gained two per cent to $28.15 per ounce.
"Silver gaining some ground on gold, supported by rising copper prices amid fears to supply from strike action at the world’s biggest mine in Chile," Hansen said.
Platinum rose 2.1 per cent to $938.50 and palladium dipped 0.1 per cent to $934.25.
Event brings together senior officials and key business leaders
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