Wednesday's new economic data showed a cooling of the US economy, strengthening expectations that the Federal Reserve will suspend interest rate hikes in September. 

The US dollar has fallen three times and gold prices have risen to four-week high

On Wednesday, new economic data showed a cooling of the US economy, strengthening expectations that the Federal Reserve will suspend interest rate hikes in September. The overnight US dollar index fell 0.29%, marking the third consecutive day of decline. It hit a nearly two-week low of 102.92 in the session and closed near 103.16. Gold prices continued to rebound, reaching a four-week high, reaching a maximum of 1948. 90, which is precisely where the 61.8% pullback resistance of the previous decline lies, closing near 1942.19 US dollars per ounce. The significant decline in EIA crude oil inventory has helped oil prices break through the resistance of the 21 day moving average.

Gold hit its highest point in nearly a month on Wednesday as a new batch of weak US economic data reinforced the view that the Federal Reserve may have to suspend interest rate hikes.

Spot gold rose 0.26% to $1942.19 per ounce on Wednesday, reaching its highest point since August 2nd earlier in the day. US futures closed 0.4% higher at $1973.00.