PRECIOUS-Gold jumps 2% as Fed Governor Waller's comments cool rate hike bets
TLT•Gold jumps as rate hike bets ease
Gold rose more than 2% on Thursday as traders scaled back September rate hike expectations after Federal Reserve Governor Christopher Waller's remarks that recent progress on inflation could support keeping interest rates unchanged.
Spot gold rose 2.4% to $4,491.55 per ounce by 12:18 p.m. ET (1618 GMT), after touching its highest since August 28 earlier in the session. U.S. gold futures GCcv1 for December delivery edged 2.8% higher to $4,539.20.
Dollar and yields ease, supporting bullion
Lower Treasury yields added support to bullion by reducing the opportunity cost of holding non-yielding gold. The U.S. dollar also fell, making greenback-priced bullion more affordable for overseas buyers.
On Wednesday, gold slipped to its lowest level since August 7 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/
