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Gold edges toward $4,400 as traders weigh Fed rate path

Spot gold was up 0.6% to $4,374.2 an ounce, while the Dollar Spot Index fell 0.2% as investors weighed cooling US data and central bank demand.

Reported · Written up by our desk · Precious Metals

Gold traded near $4,400 an ounce as investors assessed the Federal Reserve interest rate path, with LiveMint Markets noting that recent US indicators pointed to a cooling economy and eased fears of an imminent rate hike.

LiveMint Markets cited declines in consumer sentiment and retail sales, including a drop in the University of Michigan’s preliminary August sentiment index to 51 from 55 in economists’ median forecasts, alongside July retail sales falling by the most in more than a year.

The report said gold’s rebound above the $4,000 per ounce threshold in recent weeks has been supported by renewed investor buying and increased central bank purchases, particularly from China, and that gold briefly moved back above its 100-day moving average for the first time since April.

Elsewhere in precious metals, spot silver rose 0.3% to $64.66 an ounce, while platinum and palladium also gained, as the Bloomberg Dollar Spot Index slipped 0.2% and oil prices climbed amid US threats of economic measures on Iran.

Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%|Platinum $1,756.80 ▲1.8%

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