Gold settles higher as investors await US inflation data

December gold futures gain 0.5%, or $15.6, to settle at $3,448.6 an ounce

Gold prices rose at Wednesday’s close as concerns over the Federal Reserve’s independence lingered after US President Donald Trump dismissed Fed Governor Lisa Cook.

December gold futures gained 0.5%, or $15.6, to settle at $3,448.6 an ounce.

Investors are awaiting Friday’s release of the core personal consumption expenditures (PCE) price index, expected to hold steady at 2.6% in July, paving the way for the Fed to resume interest rate cuts at its September meeting.

According to CME FedWatch, the probability of a 25-basis-point cut at the Sept. 16–17 Fed meeting rose to 87.3%, from 82.4% a week earlier.