gold climbs back
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Gold climbs back near 10-week peak, investors awai…

ByJustpaste.in

LONDON: Gold prices rose on Wednesday as investors reduced expectations of tighter US monetary policy and turned their attention to upcoming inflation data that could influence the Federal Reserve’s next interest-rate decision.

Spot gold gained 0.6 per cent to $4,391.82 an ounce by 0535 GMT, while US gold futures for December delivery advanced 0.2pc to $4,451.90.

The precious metal had reached a 10-week high a day earlier before encountering technical resistance around $4,387, near its 100-day moving average. It subsequently closed lower for the second time this month.

Market analyst Kelvin Wong of Oanda said the recent strength in gold was largely driven by changing expectations about Federal Reserve policy. He noted that prices had also gained momentum after breaking above the $4,200 level late last week.

Gold recorded its strongest weekly gain since January on Friday after weaker-than-expected US employment figures prompted traders to reduce their expectations of further interest-rate increases.

According to the CME FedWatch Tool, markets are now assigning roughly a 50 per cent probability to a rate hike in September, down from about 60pc before the jobs report.

Lower interest rates generally benefit gold because the metal does not generate interest, making it relatively more attractive when yields decline.

Investors were awaiting the latest US Consumer Price Index figures later on Wednesday for further clues about the Federal Reserve’s monetary policy. Chicago Fed President Austan Goolsbee has meanwhile said inflation remains a greater concern for him than weakness in the labour market.

Oil prices also extended their gains after the United States and Houthi forces reported separate attacks involving shipping on Tuesday. Meanwhile, hopes of an end to the Iran conflict appeared to weaken after Tehran indicated that the Strait of Hormuz would remain closed unless certain conditions were met.

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