Commodities
Gold Prices Soar on Eased Rate Hike Bets
Gold prices surged by as much as 2.9% on Thursday to move back above $4,500 an ounce, marking its strongest intraday gain since August 19.
The rebound came as expectations for a Federal Reserve interest rate hike this month eased, with the probability of a September rate hike falling to around 50% from over 60% earlier in the week.
Federal Reserve Governor Christopher Waller's comments that he expects 'reasonable' inflation readings next month contributed to the reduction in rate hike expectations.
Gold's rebound was also supported by a weaker US dollar and lower Treasury yields, which have traditionally weighed on gold prices.