Gold futures finished higher on Wednesday, as the expectations of continued Fed interest rate cuts in the ongoing monetary easing cycle kindled investment appeal of the precious metal. As per reports market projects 62% chance of another 50 bps reduction by November. Meanwhile, safe haven appeal of the bullion amid caution ahead to a slew of US macro data, including the PCE report, final Q2 GDP figures, weekly initial jobless claims, and durable goods orders, also supported rates. Fed Chair Jerome Powell's address later in the day is also closely eyed for further insights on economic health.
Gold futures for December delivery up by $7.70 or 0.28% to $2,684.70 per ounce on the Comex division of the New York Mercantile. While, spot gold rose by $4.86 or 0.18% to settle at $ 2,661.75 an ounce.