Gold pauses near two-month high

Gold prices continued to maintain their gains after reaching their highest level in over two months, supported by a slowdown in inflation in the United States and a decline in expectations for an interest rate hike by the Federal Reserve. The spot price settled at around $4,408.55 per ounce, after advancing approximately 1% in the previous session. Markets are now favoring a wait-and-see approach ahead of upcoming producer price data, which will shed light on whether inflationary pressures are continuing to ease. The likelihood of a US interest rate increase has fallen to around 40% according to market expectations, boosting gold's appeal as a safe haven—especially amidst ongoing geopolitical tensions in the Middle East—which reinforce demand for the precious metal as a hedge against risks.

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