Gold slipped to approximately $2,670 per ounce on Monday, marking its second consecutive decline as investors awaited key U.S. inflation data and a series of Federal Reserve speeches expected to provide further insights on the direction of U.S. interest rates under the second Trump administration.
Gold slips for the second straight session
Last week, the Fed delivered a 25-basis-point rate cut, as anticipated, but hinted at a cautious stance on further cuts. This aligns with expectations that the Fed may adopt a slower pace of easing due to anticipated inflationary pressures from Trump’s policies, which include higher tariffs, tax cuts, and deregulation measures that could widen deficits. Meanwhile, data from China, the largest consumer of gold, showed a four-month low in inflation and deepening producer price deflation in October, even amid increased stimulus efforts to stabilize the economy.
Russia's gold reserves hit new record
In a separate development, Russia's gold reserves hit a record $207.7 billion in October, underscoring robust demand for the precious metal from the nation’s central bank.
