Gold rises on weaker US dollar, soft inflation data
GLD•Other precious metals
Spot silver XAG= rose 1.4% to $58.45 per ounce, platinum XPT= gained 1.4% to $1,634.47, and palladium XPD= climbed 3.1% to $1,285.25.
Fed decision, rate expectations and labor data
The Fed on Wednesday left interest rates unchanged. After the release of the policy statement, Warsh pledged an unwavering commitment to bring inflation down, a message that left markets confused about just what he was prepared to do. Spot gold prices rose about 2% after the policy decision.
Traders see a 57% chance of a rate hike at the Fed's September 15-16 meeting, down from about 77% before the Fed meeting, according to CME Group's FedWatch Tool. FEDWATCH
Higher-for-longer rates tend to diminish bullion's appeal due to its non-yielding characteristic.
U.S. jobless claims increased less than expected last week, suggesting labor market conditions remained stable, another government report showed.
