WASHINGTON (dpa-AFX) - Gold ticked higher on Wednesday while the dollar dipped as investors waited for the U.S. Federal Reserve's first cut to interest rates in more than four years.
Spot gold was marginally higher at $2,571.86 per ounce while U.S. gold futures were up 0.3 percent at $2,598.85. The upside was capped by an uptick in Treasury yields.
Traders weighed the odds of a super-sized Federal Reserve interest rate cut later in the day despite U.S. retail sales unexpectedly rising in August in a sign of ongoing consumer resilience.
Elsewhere, data showed that annual inflation across the eurozone fell to 2.2 percent in August from 2.6 percent in July, matching expectations.
U.K. inflation held steady at an annual rate of 2.2 percent in August, but price growth in the services sector picked up, cementing expectations that the Bank of England will pause interest rate cuts on Thursday. Services inflation rose to 5.6 percent from 5.2 percent.
Geopolitical tensions also remained on investors' radar, with Hezbollah vowing to respond to an Israeli attack that killed multiple people and injured thousands across Lebanon.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
