Gold Clings to Two-Day Gain Amid Reduced Rate-Hike Expectations

Gold prices held steady near $4,420 an ounce on August 18, after adding 1.5% over the previous two sessions.

The increase in gold's value comes as reduced prospects for an interest-rate hike by the Federal Reserve weighed on the US dollar, making bullion cheaper for most buyers.

A gauge of the dollar dropped to its lowest since May after a run of softer US economic data.

Swaps are no longer fully pricing in another rate increase by the Fed before the end of the year, as they were just a week ago.