Gold flirts with $4,400 as Fed rate worries ease
Gold is flirting with $4,400 an ounce, thanks to growing hopes the US Federal Reserve won't hike interest rates soon.
Slower retail sales and a drop in consumer sentiment have made a rate increase less likely, good news for gold, which tends to shine when rates stay low.
Still, rising oil prices and tensions with Iran are keeping traders on their toes.
China buying pushes gold above $4,000
Key economic data from the US has disappointed, and central banks (especially China's) have been snapping up gold, helping prices bounce back above $4,000.
Strategist Christopher Wong from OCBC notes that while technical momentum is starting to look stretched after the recent rebound, "Consolidation risks remain around current levels."
US dollar slips 0.2%, metals rise
It's not just gold getting attention: silver, platinum, and palladium are all up too.
Meanwhile, the US dollar slipped by 0.2%, making gold more affordable for buyers using other currencies and possibly fueling even more demand.