Commodities
Gold Prices Soar as Rate Hike Expectations Continue to Cool
The price of gold has surged to $4,416.43 as market bets on a Fed rate hike in September continue to cool down.
Recent weak US economic data, including low inflation and stagnant retail sales, have led to a decrease in expectations for a rate hike in September, making it more favorable for gold prices.
According to the CME FedWatch Tool, the probability of a Fed rate hike in September has fallen to 30.8%, causing US Treasury yields and the dollar to decline.