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Gold Gains as Dollar Retreats
Gold prices rose today supported by a decline in the dollar and a slowdown in expectations of a US interest rate hike, following urgent data showing an unexpected drop in non-farm employment for July and a slowdown in inflation. The spot price of gold reached $4,391.49 per ounce, while futures climbed to $4,448.40, with the dollar index down by 0.2%. The market's expectation of a September rate hike decreased from 47% last month to 30%. Investors are now awaiting the Federal Reserve's meeting minutes on Wednesday to better understand the future direction of monetary policy. Other metals experienced slight gains, with silver rising by 1.4% and palladium by 1.4%, while platinum edged down by 0.1%.
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