The expectation of a Federal Reserve interest rate cut has risen, and gold prices have climbed to over $3,470 per ounce

ChainCatcher news, according to Jinshi reports, on Monday gold prices rose to a more than 4-month high as market expectations for a Federal Reserve rate cut this month increased, boosting the appeal of gold. Gold prices briefly touched $3,470 per ounce, with an intraday increase of about 0.4%. Data showed that U.S. consumer spending grew steadily in July, and core inflation rebounded due to import tariffs pushing up prices of certain goods, but this data may not prevent the Federal Reserve from cutting rates this month.

In addition, U.S. PCE data rose 0.2% month-on-month and 2.6% year-on-year, both in line with expectations. CME FedWatch shows that traders expect an 87% chance of a 25 basis point rate cut by the Federal Reserve later this month.