On Wednesday, softer USD and falling oil prices pushed spot gold up for a third
session, rising 2.29% intraday to $4,170/oz, its highest since July 7. Investors
await US jobs data for clues on the rate outlook. OANDA senior market analyst
Kelvin Wong said: "The link between gold and oil remains, as oil has a large
impact on inflationary pressure in the global economy. If we can see a clear
roadmap for further de-escalation (in the Middle East), gold prices may continue
to rise." Traders price a 59% chance of a Fed hike at the Sept. 15-16 meeting,
down from 67% a day earlier.
