Gold prices touched a nearly seven-month high on Wednesday propelled by an extended decline in the US dollar and bond yields as investors grew confident that the Federal Reserve would likely cut rates by the first half of next year.
Spot gold rose 0.2 percent to $2,044.53 per ounce after hitting its highest since May 5. US gold futures for December delivery rose 0.3 percent to $2,045.40 per ounce.
“Gold is driven by an increasing market expectation of a Fed pivot from a hawkish tilt to a dovish tilt in the first half of next year – earlier than it did before,” said Kelvin Wong, senior market analyst for Asia Pacific at OANDA. – Reuters
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