Global Gold Nears $4,376 as Fed September Rate-Hike Odds Fall to 33%

According to Bourse News, the global gold ounce rose about 1 percent to $4,376 in recent trading and was on track for a roughly 0.9 percent weekly gain. US gold futures also closed up 0.4 percent at $4,437.3. Jim Wyckoff, a market analyst at the American Gold Exchange, attributed part of the rise to a 0.3 percent drop in the US dollar index.

The report said the CME Group's FedWatch tool showed markets now price a 33 percent probability of a Federal Reserve rate hike at the September meeting, down from 55 percent a week earlier. Arzdigital, citing Reuters in a separate report, said spot gold resumed its upward trend after a brief bout of profit-taking and steadied near $4,353, while December-delivery gold on Comex rose 0.3 percent to $4,435 an ounce.