Gold jumps over 2% after Fed's Christopher Waller suggests pause
Business
Gold prices shot up over 2% on Thursday after Fed Governor Christopher Waller suggested the central bank might hold off on raising interest rates if inflation keeps cooling.
Spot gold reached $4,488.54 per ounce after touching its highest since August 28 earlier in the session, while US gold futures closed at $4,539.90 per ounce.
September hike odds drop to 54%
Waller's comments lowered the chances of a September rate hike from 62% to 54%, making investors more interested in safe-haven assets like gold.
Falling US Treasury yields and a weaker dollar also helped boost gold's appeal, especially for buyers outside the US.
Everyone's now watching upcoming economic data to see what the Fed does next.