Gold gains as U.S. rate hike fears ease
Gold prices rose today after expectations of a U.S. interest rate hike declined. The price reached its highest level in over two months, around $4,433 per ounce, driven by a slowdown in U.S. inflation and market concerns over the continued easing of price pressures. It is anticipated that Federal Reserve policymakers will remain in no rush to raise interest rates at the upcoming meeting, which supports the price of the precious metal and reduces the opportunity cost of holding it. Currently, markets are closely watching the Producer Price Index data to see if inflation continues to decline, with expectations that the chances of a rate hike will drop to around 40% in September.
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