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Gold rebounds towards 10-week high as markets brace for US inflation data

Source: Dawn
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Gold rebounds towards 10-week high as markets brace for US inflation data
Image: Dawn

Gold prices rose on Wednesday, supported by reduced bets on Federal Reserve tightening next month as investors awaited key US inflation data that could reshape policy expectations. Spot gold gained 0.6 per cent to $4,391.82 per ounce by 0535 GMT. US gold futures for December delivery rose 0.2pc to $4,451.90. 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. “The primary driver for gold is the reduction in pricing of rate hikes by the Fed,” said Kelvin Wong, a senior market analyst at Oanda. “In terms of technical positioning, we started to see a bullish break late…

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