Gold Hits Two-Month High Amid Eased Fed Pressure and Central Bank Buying

Gold prices surged to a two-month high on Wednesday, reaching $4,502.70 an ounce for Comex December gold, according to Mining.com. This marks the highest level since mid-June. Spot gold also rose, increasing by as much as 1.6% to $4,438.20 and staying at a 1.2% gain of $4,422.34 by early afternoon in New York. Central bank buying, led by China, is driving this recovery.

The Federal Reserve's decision not to raise interest rates may have contributed to the boost in gold prices, as it eases pressure on the central bank to act quickly. Silver and other precious metals also saw gains, with Comex September silver rising 3.2% to $66.98 an ounce and spot silver adding 2.4% to $66.25.