Gold Gains Over 1% on Weakening Dollar

Gold prices rose by more than 1% ahead of the U.S. Federal Reserve's interest rate decision, supported by a decline in the dollar, falling oil prices, and lower U.S. Treasury bond yields. Spot gold increased by 1.3%, reaching $4,347 per ounce, while December futures contracts for gold rose to $4,387.60 per ounce. This upward trend comes amid investor anticipation of a possible 25 basis point rate hike by the Fed, which could influence the future path of gold. An interest rate increase tends to reduce the attractiveness of gold as a safe haven, while the weakening dollar and growing concerns over financial stability support demand. Additionally, other precious metals such as silver, platinum, and palladium experienced notable gains, as markets turn their attention to decisions by other central banks—particularly the Bank of Japan—regarding interest rates.

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