Gold Price Rebounds Amid Softer Inflation and Reduced Rate Hike Odds

The gold price has shaken off profit-taking, rising 0.3% to $4,435/oz for December delivery on Comex after rebounding from a low of $4,365.50 and nearing an intraday high of $4,454.60.

This move comes as softer July US inflation cut the odds of a September Fed hike to about one in three from over 40% a week earlier.

The spot gold price steadied around $4,353/oz, while silver futures at $65.13/oz left silver down about 8% year-to-date.

Precious metals miners have surged, with Hecla, Eldorado, Equinox, Coeur, Agnico Eagle, and Newmont up 26-32% over ten sessions against an 8% move in gold.