Commodities
Gold Soars towards 10-Week High on Reduced Rate Hike Expectations
Gold prices rebounded towards a 10-week high on Wednesday as traders reduced their expectations of a US Federal Reserve rate hike next month.
The price of spot gold 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 main driver behind the increase in gold prices is the decrease in pricing of rate hikes by the Fed, according to Kelvin Wong, a senior market analyst at Oanda.
Gold reached its highest level since August 15th and is currently facing resistance around $4,387, which is its 100-day moving average.