Forex
Gold Surges Past $4,400 as Dollar Weakens Amid Oil Price Spikes
Gold prices surged more than 1.4% on Wednesday to reclaim the $4,400 per ounce level, driven by a weaker U.S. dollar and international oil prices breaking above $100 per barrel.
The US Dollar Index hovered near two-week lows, making gold more attractive to holders of other currencies.
Investors are closely awaiting U.S. PPI and CPI data to gauge the Federal Reserve's rate policy trajectory, with markets currently pricing in roughly a 60% probability of a rate hike at next week's meeting.