Gold surpasses $4,200 as rate hike bets ease
Gold prices rose significantly, with futures surpassing $4,200 per ounce after the chances of a U.S. interest rate hike dropped to below 20%, following Federal Reserve Chairman’s remarks indicating a likelihood of keeping interest rates unchanged at the upcoming meeting. This led to the dollar stabilizing around 101.80 points, while demand for gold as a safe haven remained strong, especially from investors in China despite pressures from rising borrowing costs and bond yields. Additionally, other precious metals such as silver and platinum experienced gains of up to 1.3%, while palladium jumped by 1.5%.
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