Gold prices bounced back on Wednesday from one-month lows hit in the previous session, as the dollar and bond yields weakened a day ahead of the release of US consumer price data that could build the case for or against further interest rates hikes.
Spot gold rose 0.3 percent to $1,929.99 per ounce, having dropped to its lowest since July 10 at $1,922 on Tuesday. US gold futures were up 0.2 percent at $1,963.80.
“For a sustained recovery (in gold), we believe the market will need to see increased certainty on 2024 US rate cuts,” said Baden Moore, head of carbon and commodity strategy, National Australia Bank. – Reuters
