Gold prices gain

NEW YORK: Gold rose on Wednesday, lifted by a weaker dollar and falling Treasury yields, as mild US inflation data cemented expectations for a Federal Reserve rate cut in September and nudged up bets on additional easing later this year.

Spot gold gained 0.5% to $3,362.92 per ounce by 9:47 a.m. ET (1347 GMT). US gold futures for December delivery rose 0.4% to $3,412.20. The dollar index hit a more than two-week low, making bullion cheaper for overseas buyers, while the yield on the benchmark 10-year Treasury note edged lower. “Gold is buoyant on heightened expectations of a September Fed rate cut, following benign CPI data and July’s weak non-farm payrolls,” said Nikos Tzabouras, senior market analyst at Tradu.com.