Gold Prices Surge Amid Anticipation of US Inflation Data

Gold prices rose nearly 1% on Wednesday as investors braced for key U.S. inflation data that could reshape Federal Reserve policy expectations.

The spot price of gold gained 0.9% to $4,406.34 per ounce, while U.S. gold futures for December delivery rose 0.6% to $4,466.70.

Kelvin Wong, a senior market analyst at OANDA, attributed the gold price increase to reduced bets on Federal Reserve tightening next month, saying 'The primary driver for gold is the reduction in pricing of rate hikes by the Fed.'

Bullion climbed to a 10-week high on Tuesday before hitting technical resistance at the 100-day moving average around $4,387 and closing lower for the second time this month.