Gold Posts Second Straight Weekly Gain, Eyes $4,400 Level
Gold prices ended last week at $4,377 per ounce, marking their second consecutive weekly gain. The increase was supported by a weaker US dollar and declining expectations of a US interest rate hike at the Federal Reserve's September meeting.
A report from Kuwait-based Dar Al-Sabaik Company noted that weak US economic indicators reinforced expectations of an economic slowdown and reduced the likelihood of tighter monetary policy.
US retail sales fell 0.6 percent in July, marking the first decline after five consecutive months of growth, while US inflation data pointed to easing price pressures.
The probability of a September rate hike fell to around 31 percent from approximately 55 percent a week earlier, making it more likely that the Federal Reserve will leave interest rates unchanged.
Investors are now closely watching the minutes of the latest Federal Reserve meeting and the European Central Bank meeting for clues about future interest rates and monetary policy.