Forex
Gold Gains Momentum Above $4,400 Amid Weakened Fed Rate Hike Odds
The price of gold has risen above $4,400 as the US Federal Reserve's interest rate hike odds decline.
An unexpected drop in US Nonfarm Payrolls and modest consumer price inflation data have reduced expectations of a Fed rate increase next month.
This shift has led to selling pressure on the US Dollar, making gold cheaper for most 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.