WASHINGTON (dpa-AFX) - Gold prices struggled for direction on Monday amid lingering uncertainty over when the Federal Reserve will cut interest rates.
Spot gold inched up 0.1 percent to $2,329.38 per ounce while U.S. gold futures were marginally lower at $2,339.25.
The dollar was tad lower after the release of in-line U.S. PCE price index data on Friday.
The PCE (Personal Consumption Expenditures) price index came in unchanged in May after ticking up 0.3 percent in April.
The annual rate of core inflation growth slowed to 2.6 percent, marking its lowest reading since March 2021 and rekindling hopes for an early rate cut by the U.S. Federal Reserve.
However, Fed officials speaking after the event still remain cautious about committing to cuts.
Richmond Fed President Thomas Barkin on Friday advocated caution in managing economic policy, saying there were 'lags' in monetary tightening playing out and that 'services and shelter price-setters still have room to push prices higher.'
Looking ahead, investors now await remarks by Fed Chair Jerome Powell, minutes of Fed's June FOMC meeting, jobs data for June, job openings data for May and reports on manufacturing and service sector activity this week for more clarity on the Federal Reserve's stance.
Overall trading activity in the U.S. may be somewhat subdued, heading into Thursday's Independence Day holiday.
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