KONTAN.CO.ID - NEW YORK. Gold prices rose to a more than one-week high on Wednesday as the U.S. dollar and Treasury yields weakened after cooler inflation data boosted bets that a U.S rate cut might come sooner than earlier priced in by investors. Spot gold rose 0.4% to $1,970.45 per ounce at 1224 GMT, after earlier touching its highest since Nov. 7. U.S. gold futures also gained 0.4% to $1,974.70. Market participants are now awaiting U.S. retail sales and producer price figures due at 1330 GMT. Economists polled by Reuters forecast producer prices rose 0.1% last month, compared with a 0.5% increase in September.
Gold Hits One-Week High on Expectations of Fed Rate Cuts
KONTAN.CO.ID - NEW YORK. Gold prices rose to a more than one-week high on Wednesday as the U.S. dollar and Treasury yields weakened after cooler inflation data boosted bets that a U.S rate cut might come sooner than earlier priced in by investors. Spot gold rose 0.4% to $1,970.45 per ounce at 1224 GMT, after earlier touching its highest since Nov. 7. U.S. gold futures also gained 0.4% to $1,974.70. Market participants are now awaiting U.S. retail sales and producer price figures due at 1330 GMT. Economists polled by Reuters forecast producer prices rose 0.1% last month, compared with a 0.5% increase in September.