WASHINGTON (dpa-AFX) - Gold prices climbed on Wednesday as the dollar weakened, and yields extended their retreat amid hopes that a weakening U.S. economy will force the Federal Reserve to slow its aggressive pace of interest rate hikes.
Spot gold rose about 1 percent to $1,668.99 per ounce, while U.S. gold futures were up 0.9 percent at $1,673.15.
Data on Tuesday showed U.S. consumer confidence ebbed in October and home prices fell sharply in August, adding to recent signs that the Fed's aggressive tightening stance was starting to cool the world's largest economy.
Investors are pricing in a smaller rate hike in December after a 75-basis point hike in November.
A few Fed officials have softened their stance on tightening in recent days, prompting investors to reconsider the path of monetary policy.
Looking ahead, U.S. new home sales, wholesale inventories and advance goods trade balance for September will be published in the New York session.
Third-quarter U.S. GDP data, due later this week, is expected to offer more clues on the economic and rate outlook.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
