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Gold gains on weak dollar, rate hike hopes
Gold prices rose significantly today, supported by the weakening dollar and declining expectations of a US interest rate hike. Spot gold increased by 1.2% to reach $4,426.52 per ounce, while US December gold futures rose by 1.1% to $4,484.10. The market is reflecting a scenario characterized by stagflation, with the dollar dropping to a key psychological level at 100. Investors are ignoring rate hike expectations following weaker-than-expected data in the labor market and inflation. Traders are awaiting the Federal Reserve's upcoming meeting minutes to gauge monetary policy directions, with the probability of a rate increase in September falling to 33%. On the other hand, the supply of other precious metals is also rising, with silver increasing by 2.8% and platinum and palladium both climbing around 2%.
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