Gold Prices Rise Amid Reduced Rate Hike Odds

Gold traded at $4,374.03 on Thursday, August 13, after December futures opened at $4,468.80 per troy ounce, flat against Wednesday's settlement, and drifted to $4,441.10 by 7:53 a.m. Eastern.

The price of gold rose nearly 10% month over month and 30.40% year over year, yet only 1.92% higher year-to-date. The 52-week range runs from $3,311.46 to $5,595.46.

Wednesday delivered the strongest session in two months. Spot gold closed at $4,424.44, up $54.24 or 1.24%, its highest level in roughly ten weeks.

The July Producer Price Index for final demand was unchanged at 0.0% in the Bureau of Labor Statistics release, against a consensus calling for a 0.2% increase. This is a genuinely awkward combination for gold, as two consecutive cool headline prints have trimmed September hike odds from near 50% to roughly 40%, which is the mechanical driver behind the move.