Gold Hits One-Month Peak on Lower Oil and Softer Dollar
Gold prices reached a one-month high as the US dollar weakened and oil prices declined. Investors are closely monitoring upcoming US employment data to gauge the Federal Reserve's future interest rate decisions.
Why it matters
Gold's performance serves as a key indicator of market sentiment regarding inflation and global economic stability.
Gold rose for a third straight session on Wednesday, hitting a one-month peak on a softer dollar and lower oil prices, while investors awaited US jobs data for clues on the interest-rate outlook.
Spot gold climbed 2.4% to $4,175.53 per ounce by 0640 GMT, its highest since July 7. US gold futures rose 2% to $4,235.30.
The US dollar traded subdued, making greenback-priced metals more attractive to holders of other currencies.
Crude oil extended declines after steep falls in the previous two trading sessions. Lower oil prices can ease inflation concerns that shape expectations of higher interest rates.
Qatar said mediators were making progress in efforts to end the US-Iran war, although Tehran has denied US President Donald Trump's assertion that talks are already underway.
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