Precious Metals Preview: COMEX gold near record highs

COMEX gold futures are staying put around record high levels on Monday morning in Asia as US inflation data reinforced expectations that the Federal Reserve (Fed) could cut interest rates this month. Meanwhile, dollar index is retreating near one-week low, supporting gains in the counter. Currently, the metal is quoting at $3530.50 an ounce, up 0.34% on the day. The yellow metal rose about 4% in August, its best monthly performance since April. Data released by the US Commerce Department revealed that the core PCE price index (excluding volatile and energy prices), which is the US Federal Reserve's preferred yardstick of underlying US inflation, went up 0.3% from the previous month in July and rose by 2.9% year-over-year. While US personal income rose by 0.4% month-over-month to $25.905 trillion in July, personal/consumer spending increased by 0.5% from June to $20.802 trillion in July.

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