Gold Rises as Fed Rate Hike Odds Fall to 61.9%

The Federal Reserve's rate hike probability has declined to 61.9%, according to the FedWatch Tool, which suggests that there is a lower chance of a rate increase at the next meeting in September.

This decrease in rate hike expectations has provided a boost to gold prices, as investors seek safe-haven assets amidst uncertainty.

Despite this positive catalyst for gold, the US dollar has gained strength against a broad basket of currencies, putting pressure on gold markets and pushing them away from two-month highs.

Gold has managed to break above the $4400 level, but it still faces resistance in the $4480-$4500 range. A move below $4360 would push gold towards the $4300 level, while a decline below $4300 could lead to a drop towards the support level at $4180-$4200.