Gold Prices Hits Over 3-Week High As More US Data Trims Rate Hike Hopes

Gold Prices Hits Over 3-Week High As More US Data Trims Rate Hike Hopes

Gold futures prices rose to a fresh 3-week high on Wednesday after gaining nearly 2 percent in the previous session, as disappointing US economic data and Fed speakers for further guidance on the timing of the next interest rate hike.

Gold for December delivery on the Comex Exchange rose to a daily peak of $1,357.60 a troy ounce, the most since August 18.

Spot gold was up 0.2 per cent at $1,351.51 per ounce. The metal touched a high of $1,352.65, its best since Aug. 19.

Jobs and worker turnover data is due at 10:00 AM ET (14: 00GMT) Wednesday as the Federal Reserve publish its Beige Book of the economy at 2:00 PM ET (18: 00GMT).

Meanwhile, the head of the Richmond Fed Jeffrey Lacker, and Fed President Esther George Kansas City are both due to testifying at a hearing before the Committee on Financial Services Subcommittee on Monetary Policy and Trade at 10:00 AM ET (14: 00GMT).

Both sides are known for their hardline stance, but attention is likely to focus on George, who is a voting member of the FOMC and was the sole Fed official to vote against the July decision because of its preference to increase the rate by 25 basis points.

The activity of the US services sector slowed to a minimum of 6-1 / 2 years in August amid sharp declines in the production and orders, pointing to a slower economic growth further decreasing the outlook for a rise interest rates in the short term.

The new orders index of non-manufacturing States for August dropped to the lowest level since December 2013.

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