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Gold increases 2% amid betting decrease on US rate hikes
Gold prices rose by more than 2% today, Thursday, after investors reduced their expectations for a US interest rate hike in September. This came following statements by Federal Reserve Board member Christopher Waller, who indicated that progress in combating inflation might support keeping interest rates steady. Spot gold increased by 2.4%, reaching $4,491.55 per ounce. The likelihood of a rate hike in September fell to 54% from 62% before the remarks. Falling Treasury yields and a retreat in the dollar supported gold prices, as the market awaits the upcoming US non-farm payrolls report and inflation data. Gold's importance as an inflation hedge and its relationship with interest rates are key factors in its price movements.
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