Gold Rebounds as Dollar Pullback Eases Pressure on Bullion
Spot gold rose after touching a one-week low, while traders raised the odds of an October Federal Reserve rate increase.
Key takeaways
- Spot gold gained 1.3% to $4,158.63 an ounce after Wednesday’s one-week low.
- Markets raised the odds of an October Fed rate increase to 27% from 22%.
Gold rebounded 1.3% to $4,158.63 an ounce on Thursday, recovering from a one-week low as the dollar retreated from an 18-month high. December U.S. gold futures had earlier risen 1.8% to $4,180.
As of 06:14 UTC, December gold futures were at $4,154.60, up 1.14% since the previous close. The figures reflect different points in the session.
After U.S. inflation came in above expectations, markets raised the perceived chance of a Fed rate increase this month to 27%, from 22% before the data, according to CME FedWatch. Investors were looking ahead to U.S. producer-price and retail-sales data due at 15:30 Turkey time.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
