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Gold gains for third day amid weaker dollar and oil
Gold prices rose for the third consecutive session, supported by a weakening dollar and falling oil prices, as investors awaited U.S. employment data to gauge the future direction of interest rates. The spot price of the yellow metal increased by 1.4%, reaching a two-week high of approximately $4,133 per ounce, while U.S. futures contracts climbed by 1% to around $4,192. Expectations of interest rate hikes in the U.S. decreased from 67% to 59% in September, as the market seeks to assess the impact of upcoming economic data, particularly the non-farm private sector employment report. Meanwhile, Qatar announced progress in mediation efforts to end the war between the United States and Iran, which could support higher gold prices by easing fears of geopolitical escalation. Other precious metals also saw gains, with silver rising by 2%, and both platinum and palladium increasing.
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