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Gold rises as dollar weakens and rate hike bets decline
Gold prices rose amid a decline in the US dollar and expectations that the Federal Reserve's tightening cycle is coming to an end. The price of an ounce topped $4,398, while futures contracts reached $4,455. This came as the probability of interest rate hikes decreased to 31% from 51% a month ago, driven by easing inflation pressures and a strengthening labor market. The precious metal benefited from the weaker dollar, while other precious metals saw gains influenced by the same currency weakness, with silver increasing by 1.5%, platinum by 0.7%, and palladium by 1.6%.
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