WASHINGTON (dpa-AFX) - Gold ticked lower on Friday but was poised for a monthly gain on rising expectations of a U.S. Federal Reserve rate cut in September.
Spot gold dipped 0.2 percent to $3,410.27 per ounce in European trade, after having hit its highest level since July 23 on Thursday. U.S. gold futures were down 0.1 percent at $3,470.92.
Bullion has gained 3.6 percent so far in August while the dollar was set for a monthly fall of 2 percent against a basket of currencies due to Fed independence worries and heightened expectations of imminent Fed rate cuts.
The U.S. PCE inflation and spending data will be in the spotlight today along with other reports on Chicago-area business activity and consumer sentiment.
The Federal Reserve's preferred readings on consumer price inflation may show an uptick in the annual rate of core consumer price growth to 2.9 percent in July from 2.8 percent in June.
Fed Governor Christopher Waller has called for a rate cut at the upcoming meeting in September, adding he 'fully expects' more rates cuts to follow to bring the Fed's policy rate closer to a neutral setting.
Meanwhile, Federal Reserve governor Lisa Cook has sued President Trump over his attempt to fire her, setting up a potential legal battle with implications for the U.S. central bank's autonomy.
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