Commodities
Gold Prices Whiplash Amid Hawkish Rate Hopes and Geopolitical Tensions
Gold prices saw a whiplash-inducing swing on Wednesday, rebounding from a three-week low to settle at $4,387.23 an ounce, up 1.4 percent on the day.
The bounce was largely attributed to a soft reading on the US labor market, with private payrolls expanding by just 38,000 jobs in August, below expectations.
New York Fed President John Williams' dovish comments also lent support to the Fed's July pause, but traders have raised their bets on a September rate hike to 66 percent, according to one market gauge.
The implied probability of a September rate hike now stands at 64 percent, up from 40 percent just a week earlier, highlighting the unsettled rate outlook.