Gold logs 3-week high as rate-hike fears subside, dollar weakens

Gold futures on Wednesday finished at their best level in three weeks as the U.S. dollar weakened and fears of an interest-rate rise, which might diminish the appeal of the metal, faded.

August gold GCQ6, +0.07% gained $15.30, or 1.2%, to $1,262.30 an ounce, after seeing relatively tepid trade Tuesday as investors readjusted their expectations for rate increases in the wake of last Friday’s disappointing May labor-market report. The metal scored its highest close Wednesday since May 18, according to FactSet data.

The market is pricing in extremely low odds that the Federal Reserve will raise rates this month and investors see a relatively slim chance of Fed boss Janet Yellen and crew lifting rates in July. That belief has offered a runway for assets that don’t bear interest, including precious metals, to trade higher.

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