Softer US Rate Hike Odds Boost Gold Markets
Gold prices rebounded sharply towards the end of the week as easing expectations for another U.S. interest rate increase encouraged investors to return after weeks of heavy selling. Spot gold climbed by a little over 1.5% to settle at $4,088.39 while August Comex futures gained 1.2%. Despite the strong finish, bullion still posted another weekly loss, ending the week down about 2.1% after falling to a seven-month low earlier. The recovery was largely driven by a weaker U.S. dollar and declining crude oil prices, which eased concerns over persistent inflation. At the same time, the probability of a rate hike by the Federal Reserve in September slipped to 59%, providing relief for gold,…