Gold Surges Over 2% Amid Dollar Drop
Gold prices rose by more than 2% on Thursday, rebounding from a nearly six-week low, supported by a decline in the dollar and a drop in oil prices, in addition to investor assessments of a possible interest rate hike by the U.S. Federal Reserve. The fall in oil prices to a weekly low, along with reduced concerns about supply disruptions, increased the attractiveness of gold, despite the rise in U.S. Treasury bond yields, which diminish gold's appeal as a non-yielding asset. Traders are now estimating a 51% probability of another interest rate increase by the U.S. in October, which could limit gold's gains despite the dollar's decline and rising prices for some other precious metals.
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