- A tame US inflation data reaffirmed market expectations that the Federal Reserve (Fed) will cut interest rates in September and drive flows towards the non-yielding Gold price higher on Friday.
- The US Commerce Department's Bureau of Economic Analysis reported that the Personal Consumption Expenditures (PCE) Price Index edged 0.1% higher last month after being unchanged in May.
- Over the past 12 months through June, the PCE Price Index eased slightly from 2.6% in the previous month and was up 2.5%, matching consensus estimates and adding to signs of easing price pressures.
- The core PCE Price Index, which excludes volatile food and energy prices and is the Fed's preferred inflation gauge, showed a monthly increase of 0.2% in June and the yearly rate held steady at 2.6%.
- The improving inflation landscape dragged the yield on the benchmark 10-year note yields to a nearly two-week low on Monday, which continues to undermine the US Dollar and benefits the XAU/USD.
- The Golan Heights attack on Saturday has raised worries of an all-out war between Israeli forces and Hezbollah in Lebanon, which further underpins demand for the safe-haven precious metal.
- A strong rally across the global equity markets might keep a lid on any runaway rally for the commodity ahead of the crucial two-day FOMC monetary policy meeting, starting on Tuesday.
- Investors this week will further take cues from the Bank of Japan decision on Wednesday, which will be followed by the Bank of England meeting on Thursday and important US macro releases
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