Gold prices inched higher on Friday, May 31, positioning themselves for a fourth consecutive monthly increase, as investors keenly awaited a crucial U.S. inflation report that might shed light on the Federal Reserve’s future policy directions.
As of 0141 GMT, spot gold had risen by 0.2%, reaching $2,346.18 per ounce. Bullion prices have seen a 0.5% uptick over the course of this week.
U.S. gold futures also experienced a modest rise of 0.1%, settling at $2,345.20.
Throughout this month, gold prices have appreciated by 2.7%, following a historic peak of $2,449.89 recorded on May 20.
Despite the robust labor market, Federal Reserve policymakers maintain expectations for inflation to decrease this year. Consequently, they remain unhurried in reducing the policy rate, which has been held steady between 5.25% and 5.5% since last July.
Attention is now turned to the upcoming release of the personal consumption expenditures price index for April, the Federal Reserve’s preferred measure of inflation, scheduled for 1230 GMT.
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