Gold Soars as Waller Suggests Fed Rate Hike Pause

Gold prices surged over 2% on Thursday after Fed Governor Christopher Waller hinted that the central bank might hold off on raising interest rates if inflation continues to cool.

The spot price of gold reached $4,488.54 per ounce, its highest since August 28, while US gold futures closed at $4,539.90 per ounce.

Waller's comments reduced the likelihood of a September rate hike from 62% to 54%, making investors more interested in safe-haven assets like gold.

The falling US Treasury yields and a weaker dollar also contributed to the boost in gold's appeal, particularly among buyers outside the US.