Gold rose for a third straight session on Wednesday, supported by a fresh batch of weak US economic data which reinforced the view that the Federal Reserve may have to hit pause on its interest rate hikes.
Spot gold rose 0.4% to $1,945.04 per ounce noon 11:55 a.m. EDT, its highest nearly a month. US gold futures also gained 0.4$ to trade at $1,972.90 per ounce.
“Gold is trading at highs for the month as the weaker-than-expected ADP report and GDP revision continue a trend of softer economic indicators that will likely keep the Fed on hold in September,” said Tai Wong, a New York-based independent metals trader, in a Reuters note.
London-listed company KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.