Gold futures finished slightly lower on Wednesday, as the monthly core CPI rose by 0.3%, more than the expected 0.2% indicating chances for a smaller interest rate cut by Federal Reserve. Albeit, losses remained trimmed as the annual headline inflation rate slowed more than expected to 2.5%, and the core rate held steady at 3.2%, as anticipated. As per reports market projected an 85% chance of a 25 basis points cut at next week’s Fed meeting.
Gold futures for December delivery down by $0.70 or 0.02% to $2,542.40 per ounce on the Comex division of the New York Mercantile. While, spot gold rose by $4.93 or 0.20% to settle at $2,516.69 an ounce.