Gold tops $4,400 as investors await US interest rate decision
Gold prices rose nearly 2% to $4,400.06 per ounce Friday, as investors anticipate US inflation data and a possible Federal Reserve rate hike next week.
Key Takeaways
AIGold prices climbed nearly 2% in spot trading on Friday, reaching $4,400.06 per ounce, as investors awaited US inflation data amid growing expectations that the Federal Reserve will raise interest rates next week.
Despite today's gains, gold remains down about 1% since the start of the week, following recent losses and relative short-term stability.
Data from the US Department of Labor's Bureau of Labor Statistics showed the Consumer Price Index rose by 0.4% in August, compared to a modest 0.1% increase in July.
On an annual basis, consumer inflation increased by 3.4% in the twelve months ending in August, matching the rate recorded in July.