Commodities
Gold Prices Rebound Amid Shift in Fed Rate Expectations
Gold prices rose in European trading on Wednesday, extending their recovery from an eight-week low. The precious metal gained 0.5% to $4,202.31 an ounce after hitting a low of $4,165.81.
The US dollar and Treasury yields declined as weak US economic data reduced expectations for a Federal Reserve interest rate hike in October. The US Dollar Index fell around 0.2%, retreating from a two-month high.
A weaker US currency makes dollar-denominated gold more attractive to buyers holding other currencies, contributing to the metal's recovery.