Producers of metals and other raw materials rose as the dollar fell sharply against peers.
Mixed growth and inflation data this week have inspired bets that the Federal Reserve will "pivot" to cutting interest rates sooner than previously anticipated. Fed funds futures markets have priced in a slower pace of interest-rate increases for 2023.
Precious metals, which often trade with an inverse correlation to the dollar, rallied. Gold closed at a three-week high while silver futures closed at their highest mark since June.
Hopes for moderated interest-rate policy may be misplaced, however. Bringing inflation down from 40-year highs is likely to take time and will require a slowdown in economic growth and reduced demand for workers by employers, warned Federal Reserve governor Philip Jefferson on Tuesday.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-04-22 1651ET
