Singapore: Gold hit its highest level in more than two months Thursday, driven by receding expectations of a US interest rate hike following data showing a slowdown in inflationary pressures. Investors are now awaiting producer price data for further clues on the direction of inflation.
Spot gold gained 0.6% to $4,433.62 per ounce, after rising about 1% earlier to its highest level since June 5.
US gold futures for December delivery also climbed 0.6% to $4,493.
Among other precious metals, spot silver rose about 1% to $65.91 per ounce after touching its highest level since June 22 in the previous session. Platinum gained 0.3% to $1,762.70, while palladium rose 0.1% to $1,371.20.
