Gold is set to fall for the second consecutive week, with U.S. PCE data receiving much attention.

Gate News bot message, as the Israel-Iran ceasefire suppresses safe-haven demand, while investors await the US PCE data, gold prices fell on Friday and will record a second consecutive week of decline.

Soni Kumari, a commodities strategist at ANZ, stated that the market is quite optimistic about risk assets, which is putting pressure on gold prices. The easing of tensions in the Middle East after the ceasefire and progress in trade negotiations are reducing market uncertainty, leading to further declines in gold prices. Investors are awaiting the release of the US core PCE data tonight for further insights into the Federal Reserve's policy path. Analysts surveyed by Reuters expect the core PCE month-on-month to grow by 0.1% and year-on-year to grow by 2.6%.

The market currently expects that the Federal Reserve will begin to cut interest rates by 63 basis points starting in September this year. U.S. President Trump previously stated that moderate inflation means the Federal Reserve should have already begun lowering policy rates, but so far, only two Federal Reserve policymakers believe that the Fed can cut rates at the July meeting.

Source: Jinshi