FXStreet (Delhi) – Research Team at Commerzbank, note that the gold price surged by $26 at its peak yesterday and was trading for a time at a four-month high of $1,190 per troy ounce. Key Quotes “It is priced roughly $10 lower this morning. The price rise was boosted by the weak US dollar and the further decline in rate hike expectations in the US following poor US economic data: retail sales figures in September fell considerably short of expectations and producer prices recorded their sharpest fall so far this year.” “In response, the expectations of a rate hike this year have dropped to just 25% according to the Fed Fund Futures. The gold price also found support from the technical side, however. After exceeding its August high two days ago, it also managed to rise above the technically important 200-day moving average again yesterday for the first time in five months. This doubtless sparked technical follow-up buying which further strengthened the price rise.” “In addition, there was increased interest from the investment side yesterday: the SPDR Gold Trust, the world’s largest gold ETF, recorded its highest daily inflow since early February, namely +7.7 tons.” “Other precious metals were also pulled up by gold: silver likewise gained to a four-month high of $16.2 per troy ounce, while platinum made another attempt to rise above the $1,000 per troy ounce mark in lasting fashion and palladium is again trading at above $700 per troy ounce.” For more information, read our latest forex news.