Gold Surges Past $4,400 as US Economic Data Fails to Impress

The price of gold has risen above $4,400 as softer US economic data has reduced expectations that the Federal Reserve will raise interest rates next month.

A recent decline in US Nonfarm Payrolls and modest consumer price inflation have curbed these expectations, exerting selling pressure on the US Dollar and making bullion cheaper for buyers.

The CME FedWatch Tool now shows a 35% chance of a Fed rate hike at the upcoming policy meeting, down from 47% a month earlier.