Gold rises as expectations of a US interest rate hike recede

Gold rose today, Thursday, to its highest level in more than two months, driven by declining expectations of a U.S. interest rate hike following data showing a slowdown in inflationary pressures, while markets await producer price data for additional clues on the price trajectory.

Spot gold rose 0.6 percent to $4,433.62 per ounce, after jumping nearly 1 percent earlier to its highest level since June 5.

U.S. December gold futures also rose 0.6 percent to $4,493 per ounce.

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As for other precious metals, spot silver rose nearly 1 percent to $65.91 per ounce, while platinum gained 0.3 percent to $1,762.70, and palladium rose 0.1 percent to $1,371.20.