Gold Prices Edge Higher Amid Easing Rate Hike Fears
The gold market experienced a modest gain on Thursday following softer US inflation readings, which eased concerns that the Federal Reserve would tighten policy further.
The spot price settled at $4,175.91 an ounce, a 0.5% increase from the previous day, as money markets scaled back bets on another rate hike.
Futures prices reacted more sharply, with the most actively traded December contract climbing $30.30 to $4,217.00 an ounce by around 08:00 CEST.
Elevated US Treasury yields and a resilient dollar continued to weigh on gold prices, blocking any significant breakout.
Despite this, physically backed gold ETFs logged their tenth consecutive week of net inflows, with subscriptions totaling $1.72 billion against redemptions of $1.59 billion in the latest reported period.