Gold looks set for a modest weekly decline as investors take profits after this
week’s rally. In European morning trade New York gold futures fell 0.8% to
$4,385.90/oz, after prices earlier this week topped $4,400/oz following weaker
inflation data that reduced odds of a Fed hike in September. Sucden Financial
said the uptrend remains intact but recent highs were not sustained, indicating
profit-taking. Market-implied probability of a Fed rate hike next month is
around 32%.
