Gold climbs over 1% amid dollar decline

Gold prices rose by more than 1% today, supported by a weakening dollar and reduced expectations of interest rate hikes by the Federal Reserve, as investors monitored tensions in the Middle East. Spot gold prices increased to $4,425.98 per ounce, while December US futures contracts rose to $4,484.10. The dollar declined to its lowest level in over two months, making the precious metal more attractive to investors amid expectations that the chances of a rate hike have decreased from 51.2% to 33% for September, due to recent weak economic data.

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