Gold nears 10-week peak
Gold prices rose by approximately 1% during Wednesday's trading, supported by a decline in expectations for an increase in U.S. interest rates, as investors assess upcoming inflation data from America. The spot price of an ounce reached $4,406.34, marking the highest level in 10 weeks, while U.S. gold futures contracts climbed to $4,466.70. The gain comes amid ongoing geopolitical tensions in the Middle East and a decrease in the likelihood of a 50% interest rate hike, down from 60%, which boosts gold's appeal as a safe haven. This also led to gains in other precious metals such as silver, platinum, and palladium.
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