PRECIOUS-Gold jumps 2% as Fed Governor Waller's comments cool rate hike bets
GLD•Gold rises as rate hike expectations ease
Sept. 3 (Reuters) - Gold rose 2% on Thursday, extending gains, as traders scaled back September rate hike expectations after Federal Reserve Governor Christopher Waller's remarks that recent progress on inflation could justify keeping rates unchanged.
Spot gold rose 2% to $4,472.94 per ounce by 10:36 a.m. ET (1436 GMT) after touching its highest since August 28 earlier in the session. U.S. gold futures GCcv1 for December delivery rose 2.3% to $4,517.40 per ounce.
Dollar and yields ease, supporting bullion
Supporting bullion prices, Treasury yields edged lower, decreasing the opportunity cost of holding non-yielding gold. The U.S. dollar also fell, making greenback-priced bullion more affordable for overseas buyers.
Bullion slipped to its lowest level since August 7 on Wednesday before settling more than 1% higher as the U.S. dollar index retreated from a nearly three-week peak, while Treasury yields eased from multi-year highs. USD/ US/
