© Reuters.
Investing.com– Gold prices rose in Asian trade on Wednesday, reaching a near seven-month high as a string of dovish signals from Federal Reserve officials ramped up bets on an early pivot by the central bank.
A drop in the – to near four-month lows, benefited the yellow metal, as did retreating U.S. Treasury yields. The fell to a two-month low in Asian trade.
Caution before a string of key economic readings this week- from the U.S. and China- also kept safe haven demand for gold upbeat, especially as a several weak readings from Japan and the euro zone fed concerns over a global economic slowdown.
rose 0.1% to $2,044.08 an ounce, while expiring in December rose 0.2% to $2,044.20 an ounce by 23:27 ET (04:37 GMT). Spot prices were now about $30 away from a record high touched earlier this year.
Gold underpinned by Fed pivot bets, set for bumper November
Fed officials said in separate overnight comments that the bank needed to be more cautious in keeping rates higher for longer, and that easing inflation may spur the bank into loosening policy earlier than expected.
Fed Governor and noted hawk Christopher Waller said that high rates had quashed…
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