Gold Prices Soar as Investors Await Crucial US Inflation Data

Singapore's gold market was abuzz on Wednesday as investors awaited crucial US inflation data that could significantly impact Federal Reserve policy expectations. Gold prices rose nearly 1% to a notable high, buoyed by reduced bets on a potential Fed tightening next month.

Spot gold gained 0.9% to $4,406.34 per ounce, while US gold futures for December delivery increased 0.6% to $4,466.70. This marked the highest price point in ten weeks for gold, reaching a technical resistance at the 100-day moving average around $4,387.

Bullion, however, closed lower for the second time this month after hitting the 10-week high. Meanwhile, other precious metals like silver, platinum, and palladium followed suit, with spot silver up 1.2% at $65.46 per ounce, platinum rising 0.6% to $1,754.10, and palladium gaining 0.8% to $1,370.86.