Eh, Why Is The Price Of Gold Soaring?

<p>&nbsp;Gold prices hit fresh two-month highs in the Asian session after getting support from a weaker US dollar.</p><p><br /></p><p>At the time of writing, the precious metal was trading higher at around $1,985 per ounce, while gold futures were up at $1,987 per ounce.</p><p><br /></p><p>Gold has made gains on Tuesday following lackluster US retail sales data causing expectations for the Federal Reserve (Fed) to continue raising rates dwindling.</p><p><br /></p><p><br /></p><p>However, as the greenback strengthened slightly on Wednesday, the yellow metal's movement was limited, prompting it to trade flat around the $1,980 level.</p><p><br /></p><p>Gold rebounded in the Asian session as the USD eased again after the Central Bank of China's (PBOC) move to lower the yuan's reference rate and ease cross-border financing sent the yuan and other major currencies soaring.</p><p><br /></p><p>Investors are now awaiting additional clues from US jobless claims data and the Philly Fed manufacturing index tonight ahead of next week's Fed policy decision.</p>