On Friday, Aug. 30, 2024, gold experienced a decline in value, coinciding with the U.S. Commerce Department’s release of the personal consumption expenditures (PCE) price index data. The PCE climbed by 2% in July, aligning perfectly with market expectations. During the day, gold hit a low of $2,495, but it later bounced back, crossing the $2,500 mark once again. This dip in gold’s value mirrored bitcoin’s ( BTC) downward movement, which also fell following the PCE report’s release. Market participants are now looking ahead to next week’s U.S. non-farm payroll report for more insights into potential cuts to the federal funds rate by the U.S. Federal Reserve. Meanwhile, market strategist Kerry Sun shared his perspective, suggesting that gold prices might drop after the initial rate cut. Sun also predicts a rally for the precious metal over the next six to twelve months.
PCE Report Triggers Gold Slide, Analyst Warns Fed Rate Cut Could Deepen Losses
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