Commodities
Gold Prices Soar to 10-Week High Ahead of US Inflation Data
Gold prices rebounded nearly 1% on Wednesday, reaching a 10-week high, as markets braced for US CPI data that could reshape policy expectations.
The spot price of gold rose to $4,406.34 per ounce by 0330 GMT, while US gold futures for December delivery increased 0.6% to $4,466.70.
According to Kelvin Wong, a senior market analyst at OANDA, the primary driver for gold is the reduction in pricing of rate hikes by the Fed.
Traders are now pricing in a 50% chance of a hike in September, down from 60% before the jobs report, according to the CME FedWatch Tool.