Gold Prices Surge 1% Amid Easing Rate Hike Expectations

Gold prices have surged over 1 percent to reach their highest point in two months. The increase comes as expectations for a Federal Reserve rate hike next month ease, with market participants awaiting pivotal US inflation data that could shed light on the central bank's future policy path.

Spot gold rose 1.1 percent to $4,413.69 per ounce by 10:45 GMT, while US gold futures for December delivery increased 0.7 percent to $4,473.10 per ounce.

Bullion had climbed to its highest point since June 5 on Tuesday but retreated after facing resistance at its 100-day moving average near $4,387 an ounce, ending lower for only the second time this month.