Gold Jumps 7%
On track for 8% weekly surge, best gain in 8 months
Story timeline13 updates
Traders are pricing in an 86% chance of a US rate hike on September 15-16.
Gold climbs to nine-week high.
Gold hits over 3-month high ahead of US inflation data and Fed Chair speech.
Gold hits over 3-month high at $4,627.42 per ounce.
Gold hits over 3-month high at $4,627.42 per ounce.
Gold futures fell 0.2% to $4,390.60 on Monday.
China's central bank expands gold storage in Hong Kong.
People's Bank of China is expanding gold storage in Hong Kong to support the city's bullion-trading hub ambitions, part of a 21-month buying streak that added 20 tons in July alone.
People's Bank of China is expanding gold storage in Hong Kong to support the city's bullion-trading hub ambitions, part of a 21-month central bank buying streak that added 20 tons in July alone.
China's central bank stepped up gold purchases in July, adding the most bullion to its reserves since October 2023.
Gold slipped 0.3% to $4,330.46/oz on Monday as investors took profits ahead of US CPI and PPI data this week.
Gold slipped 0.3% to $4,330.46/oz on Monday as investors took profits after hitting a seven-week high, with US CPI and PPI data due this week.
Story published. On track for 8% weekly surge, best gain in 8 months
Gold prices jumped 7% this week. Gold prices reached a seven-week high on Friday. Gold is on track for its best weekly gain in 8 months. Weak US jobs data lowered the likelihood of upcoming rate hikes. Falling crude prices and resilient central bank demand boosted gold's appeal. However, the actual weekly gain was 8%.
