Gold climbed to its highest level since late June on Wednesday, surpassing $4,295 per ounce, driven by weaker-than-expected U.S. employment data and optimism about reopening the Strait of Hormuz. The dollar index trades near six-week lows as the likelihood of a Federal Reserve rate hike in September has declined following the ADP report showing hiring slowdown. Hopes for reduced Middle East tensions and a potential reopening of the Strait of Hormuz also support the precious metal. Despite this rebound, gold remains over 20% below its late January peak of $5,589 per ounce.
Source: Read the original article
