Fed Hike Fears Fade: Gold Soars Past $4,420 Amid Iran Tensions

The price of gold has risen to $4,424.28 per ounce, marking its third consecutive session in gains, as December U.S. gold futures crossed $4,480.90.

A weaker U.S. dollar and poor economic data have supported the rally, while increased tensions with Iran have also contributed to safe-haven buying.

Expectations of a Federal Reserve rate hike are fading, with a Reuters poll showing 70% of economists believe the Fed will hold its current 3.50%-3.75% rate through the end of 2026.