Gold Surges on Soft Inflation Data, Weaker Dollar
Gold futures settled $63.60 higher (+1.6%) at $4,160.60/oz, after cooler-than-expected June PCE inflation and a weaker U.S. dollar boosted expectations that the Federal Reserve will keep interest rates on hold, increasing demand for the non-yielding metal.
Safe-haven buying tied to ongoing Middle East tensions also supported the advance.
U.S. Dollar Index falls about -0.9% to $99.90.