Gold Soars as Hopes for US Rate Hike Fade Amid Inflation Slowdown
Gold prices have surged to their highest level in more than two months as expectations of a US interest rate hike recede. The move comes after data showed a slowdown in inflationary pressures, causing investors to reassess their bets on future rate hikes.
Singapore: Spot gold rose by 0.6% to $4,433.62 per ounce, with US gold futures for December delivery also climbing 0.6% to $4,493. The gains mark a significant increase from the previous session's highs, which saw gold touch $4,395.
Among other precious metals, spot silver rose by about 1% to $65.91 per ounce after reaching its highest level since June 22 in the previous session. Platinum and palladium also gained ground, with platinum rising 0.3% to $1,762.70 and palladium increasing 0.1% to $1,371.20.