Spot gold rose 0.5% to $2 344.94 an ounce.
Asian stocks gained while the dollar softened amid bets that the Federal Reserve will cut interest rates this year, with US inflation data due this week likely to signal easing price pressure.
While economists are now expecting fewer Fed cuts than they did previously, “the markets have said – doesn’t matter – we’ve got stronger profit numbers,” Shane Oliver of AMP Capital Markets told Bloomberg Television an interview. “That’s kept markets going.” The ECB is widely expected to cut rates for the first time since concluding an unprecedented tightening campaign at its June meeting. But US officials are progressing toward a pivot at a slower pace, with Fed Chair Jerome Powell stressing the need for more evidence that inflation is on a sustained path to their 2% goal before cutting the policy benchmark.
“Risk sentiment is upbeat after softer inflation expectations” thanks to US data, said Charu Chanana of Saxo Capital Markets.
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