Gold Prices Hit 10-Week High on Rate Cut Expectations

Gold prices have surged to a 10-week high, reaching $4,484.3 per ounce on the COMEX, as investors weigh the future of US interest rates in light of key inflation data.

The latest surge is driven by expectations that the US Federal Reserve may ease its monetary policy, which would make gold more attractive as it doesn't offer any yield.

Gold futures have gained $64.60 (1.46%) over the previous close, while COMEX silver rose by 2.03% to $66.595 per ounce during the session.

The next major trigger for bullion markets will be the US inflation data, with consumer price index (CPI) and producer price index (PPI) data due on August 12 and 13, respectively.