Equity

Gold slipped below $4,700 an ounce in Wednesday’s electronic trade but remained near three-month highs as investors awaited the latest US PCE inflation data, the Federal Reserve’s preferred gauge of inflation. Gold is poised to close August with a sharp 15% gain, or more than $600, with moves in US Treasuries emerging as a key catalyst behind the recent rally. Silver has also climbed about 19% this month, buoyed by Treasury developments, geopolitical tensions, robust central-bank demand and tightening supplies. The dollar index fell below 99 ahead of the PCE release and Fed Chair Kevin Warsh’s Jackson Hole speech on Friday. Meanwhile, declining oil prices for a third consecutive session eased inflation concerns and reduced safe-haven demand for the US currency. On MCX, October gold futures were trading nearly 0.5% lower at Rs 1,62,275 per 10 grams.