Gold futures finished higher on Wednesday, supported by the weakness in dollar and on intensified bets over Fed interest rate cuts ahead to later today’s US CPI data. As per projections, market anticipates 73% probability of the Fed reducing interest rates in September, followed by another trim expected in December. Lower interest rates boosts investment appeal of the bullion. Meanwhile, global gold ETFs marked its second consecutive month of inflows in June, driven by increases in Europe- and Asia-listed funds.
Gold futures for August delivery up by $11.80 or 0.49% to $2,379.70 per ounce on the Comex division of the New York Mercantile. While, spot gold rose by $8.82 or 0.37% to$2,380.08 an ounce.