Gold prices steadies around $4230 per ounce on Monday morning in Asia amid expectations of a Federal Reserve rate cut firms up. The delayed data on month-on-month core Personal Consumption Expenditure price index (i.e., excluding volatile and energy prices) which is seen as a preferred measure of inflation by the U.S. Federal Reserve, rose 0.2% in September. On a year-on-year basis, the core PCE price index rose by 2.8% from September 2024. In line with expectations, the PCE price index rose 0.3% month-over-month in September. On a year-on-year basis, the PCE price index increased 2.8% in September. The Federal Open Market Committee is set to meet on Tuesday and Wednesday. Expectations run high that the FOMC would concur on a quarter-point rate cut to the benchmark rate.

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