Federal Reserve (FED) · Nation Thailand
Gold steadies after 2% surge as Fed rate bets ease
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Gold steadied near US$4,480 an ounce on Friday after surging more than 2% in the previous session, with comments from Federal Reserve Governor Christopher Waller prompting traders to scale back expectations of a September interest-rate rise.
Key facts
- Spot gold was up 0.1% at US$4,478.17 an ounce at 8.22am Singapore time on Friday (September 4)
- On Thursday, spot gold jumped 2.3% to US$4,488.54 an ounce by 2.04pm US Eastern time, after touching its highest level since August 28
- US gold futures settled 2.8% higher at US$4,539.90.
- Traders saw a 54% probability that the Fed would raise rates at its September 15–16 meeting, down from about 62% before Waller’s comments, according to the CME FedWatch Tool.
- Gold had fallen to its lowest level since August 7 on Wednesday before closing more than 1% higher, as the dollar index retreated from an almost three-week peak and Treasury yields eased from multiyear highs.
Summary
Spot gold was up 0.1% at US$4,478.17 an ounce at 8.22am Singapore time on Friday (September 4). The metal was heading for a modest weekly gain after a volatile week that included a sharp fall on Tuesday and a subsequent rebound.
On Thursday, spot gold jumped 2.3% to US$4,488.54 an ounce by 2.04pm US Eastern time, after touching its highest level since August 28. US gold futures settled 2.8% higher at US$4,539.90.