Gold Prices Soar as Rate Hike Expectations Ease

Gold prices surged by more than 2 percent on Thursday after investors adjusted their expectations for a potential rate hike in September. Federal Reserve Governor Christopher Waller indicated that recent progress in fighting inflation could support keeping interest rates unchanged.

This shift in investor sentiment led to a significant increase in gold prices, with spot gold rising 2.4 percent to $4,491.55 per ounce, reaching its highest level since August 28. US gold futures for December delivery also rose 2.8 percent to $4,539.20.

The impact was not limited to gold alone; other precious metals also saw notable gains. Spot silver rose 2.8 percent to $67.14, while platinum gained 3.8 percent to $1,826.58 and palladium jumped 5.9 percent to $1,424.75.