Weak US Data Sends Gold Prices Soaring Amid Downgraded Rate Hike Expectations

A weak US economic data has pushed gold prices higher as investors downgraded expectations for a September Federal Reserve rate hike.

The US Dollar Index fell 0.27% intraday to 99.6832, driven by broad-based weakness in the U.S. dollar.

Cooling US inflation data this week reduced the likelihood of a Fed rate hike, with spot gold trading at $4,377.06 during the session.

Data from the US Department of Commerce showed retail sales fell 0.6% month-on-month in July, well below market expectations.