Gold prices climbed to $4,417 per ounce on August 17, driven by a weaker US dollar and softer-than-expected US economic data. July nonfarm payrolls missed estimates significantly, falling by 23,000 against a forecast of an 80,000 gain, while monthly inflation came in at just 0.1%. The probability of a Federal Reserve rate hike in September dropped to 33%, down from 51.2% the prior month, according to the CME FedWatch Tool. The dollar index retreated toward the psychologically significant 100 level, its lowest in more than two months, making dollar-denominated gold cheaper for international buyers.
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