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Institution: Fed interest rate cut expectations rise, gold prices climb to over four-month high
Gold prices rose to a four-month high on September 1, as market expectations for a Fed rate cut increased, with prices touching $3470 per ounce. U.S. consumer spending showed solid growth, but the rebound in core inflation did not prevent rate cut expectations, with traders predicting an 87% likelihood of a 25 basis point rate cut by the Fed.