"After a lack of progress toward our 2% inflation objective in the early part of this year, the most recent monthly readings have shown modest further progress,"   J. Powell’s testimony at the Senate Banking Committee

Gold futures experienced a sharp decline on Monday, shedding $34 to settle at $2,363.50 for the most active August contract. This drop came despite recent economic indicators suggesting a cooling inflation rate and a contracting U.S. economy—factors that typically support gold prices.

The latest nonfarm payroll jobs report from the Labor Department provides compelling evidence that the Federal Reserve's monetary policy is effectively steering the economy toward its desired targets. Released today, the report reveals that 206,000 jobs were added in June, surpassing economists' expectations of 190,000 but falling short of May's 272,000 new positions.

Gold prices surged today following the release of key employment data that suggests a cooling job market, potentially paving the way for an earlier-than-anticipated interest rate cut by the Federal Reserve.

Federal Reserve Chairman Jerome Powell delivered a nuanced assessment of the U.S. economy and inflation at a European Central Bank forum in Sintra, Portugal. His remarks, characterized by careful "Fed Speak," highlighted progress in the fight against inflation while emphasizing the need for caution in monetary policy decisions.

As markets prepare for a truncated trading week due to the Independence Day holiday in the United States, gold investors are keenly focused on several crucial economic events that could influence the precious metal's price trajectory in the near term. With Canadian markets closed for Canada Day and U.S.

Recent economic data suggests a sustained cooling of inflation, aligning with the Federal Reserve's goals and potentially setting the stage for future monetary policy adjustments. Both the Personal Consumption Expenditures (PCE) and Consumer Price Index (CPI) reports indicate a decelerating trend in consumer prices.

Gold futures experienced a resurgence on Thursday, driven by growing optimism surrounding Friday's upcoming Personal Consumption Expenditures (PCE) report. The U.S. Bureau of Economic Analysis (BEA) is set to release this crucial economic indicator, which measures changes in prices for goods and services purchased by American consumers.

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%.

This Friday's Personal Consumption Expenditures (PCE) report is poised to be one of the most significant economic indicators released this month. Economists surveyed by Dow Jones Newswires and the Wall Street Journal anticipate a deceleration in consumer prices for May, potentially signaling a shift in the inflationary landscape.

Key Expectations