Gold climbs to around $4,470 as Fed comments ease hike bets

  • Gold rebounded to around $4,470 an ounce on Thursday.
  • Traders cut September rate-hike odds to roughly 50% from about 62%.
  • Investors await Friday’s payrolls report and next week’s inflation data.

Gold rose to around $4,470 an ounce on Thursday after falling to more than three-week lows, as a weaker US dollar and retreating Treasury yields supported the metal. Federal Reserve Governor Christopher Waller said he would support leaving interest rates unchanged at the September meeting if continued inflation progress is confirmed in August data. His remarks followed New York Fed President John Williams saying inflation is still easing as tariff effects fade. A weaker-than-expected ADP employment report also indicated a slowing US labor market. Traders now price roughly a 50% chance of a September rate hike, down from about 62% before Waller spoke, with Friday’s payrolls report and next week’s inflation data next in focus.

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