Gold hits 4-week peak

Gold prices climbed to their highest in about a month on Thursday on a weaker dollar after US inflation data raised investor hopes that the Federal Reserve would soon stop tightening its monetary policy, reports Reuters.
Spot gold was up 0.1 per cent at $1,958.99 per ounce by 1040 GMT, its highest since June 16. US gold futures also rose 0.1 per cent to $1,962.90.
The dollar slid to its lowest in more than a year, making bullion more affordable to holders of other currencies. Benchmark US yields were also at their lowest in more than a week, cutting the opportunity cost of holding non-yielding gold.
With two weeks left before the Fed's next meeting, and data showing fewer jobs being added and inflation slowing in June, there are expectations that the next rate hike could be the last, Carlo Alberto De Casa, external analyst at Kinesis Money, said.
US consumer prices rose modestly in June, registering their smallest annual increase in more than two years as inflation continued to subside.
Investors' focus turns on Thursday to initial jobless claims data for the week to July 8 - which is expected to deliver a reading of 250,000 versus 248,000 the prior week - and June's producer price index data.