Gold jumps more than 2% after Fed's Waller signals openness to holding rates steady

BAGHDAD, Iraq — Gold rose more than 2% in international markets on Thursday after Federal Reserve Governor Christopher Waller said he would favor leaving interest rates unchanged if inflationary pressures continue to ease. The comments led investors to scale back expectations of a rate hike by the end of August. Spot gold climbed 2.3% to $4,488.54 an ounce as of 2:04 p.m. U.S. Eastern Time, its highest level since August 28. U.S. gold futures gained 2.8% to trade at $4,539.90. Market participants lowered the implied probability of a rate increase at the Federal Reserve's September 15–16 monetary policy meeting from roughly 62% to about 54%, according to pricing data. Waller said he would back holding rates steady if upcoming data confirm that inflation is cooling. No further details on the policy outlook were immediately available.