by Rahul Paswan
Reuters.com
Aug 12 (Reuters) – Gold prices rose by more than 1% on Monday to hit the highest since Aug. 2, driven by safe-haven inflows as traders awaited U.S. inflation data this week that could shed more light on the Federal Reserve’s interest rate cut path.
Spot gold rose 1.5% to $2,468.25 per ounce as of 1818 GMT. U.S. gold futures settled 1.2% higher at $2,504.
“What we’re seeing today in the gold and silver markets is some price support coming from bullish charts in gold prompting some technical buying,” said Jim Wycoff, senior analyst at Kitco Metals.
“You’re also seeing a little bit of safe-haven demand coming from heightened tensions in the Middle East,” Wycoff said.