Gold Soars to Near-Ten Week High Amid US Inflation Expectations

Gold prices rebounded on Wednesday to reach a near-10-week high as investors awaited key US inflation data that could reshape policy expectations. The metal gained 0.6% to $4,391.82 per ounce by 0535 GMT, while US gold futures for December delivery rose 0.2% to $4,451.90.

The rally in gold was driven by reduced bets on Federal Reserve tightening next month, according to Kelvin Wong, a senior market analyst at Oanda. Wong stated that the primary driver for gold is 'the reduction in pricing of rate hikes by the Fed.'

Bullion climbed to its highest level since mid-June before hitting technical resistance at the 100-day moving average around $4,387 and closing lower for the second time this month.