Gold Slips Below $2,500 Mark

Gold prices remained steady on Monday and was trading slightly below the key $2,500 an ounce level, as the market awaited August inflation data for further insights into the anticipated Federal Reserve interest rate cut this month. Spot gold was nearly unchanged at $2,497.53 per ounce. US gold futures edged 0.1% higher to $2,526.40. Data on Friday showed that nonfarm payrolls increased by 142,000 jobs last month. Fed policymakers signalled they are ready to kick off a series of interest rate cuts at the US central bank's meeting in two weeks. Their (Fed officials) remarks suggested a likely quarter-point rate cut, with potential for larger reductions if the job market weakens further. Fed funds futures traders are now pricing a 71% chance of a 25 basis point cut at the Fed's Sept. 17-18 meeting, and a 29% chance of a 50 bp reduction, according to the CME FedWatch Tool. Spot silver rose 0.3% to $28.01 per ounce, platinum gained 0.3% to $924.02 and palladium was up nearly 1% at $919.76. Source: Qatar Ne ws Agency