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Gold climbs over 1% on rate outlook
Gold prices rose by more than 1.4% today, Friday, supported by a decline in the US dollar and falling oil prices. Market expectations regarding the Federal Reserve's hints about monetary policy also influence the trend, as it is anticipated that the Fed will raise interest rates in the coming months. An increase in interest rates is traditionally considered a factor that reduces gold’s attractiveness, as higher yields diminish its appeal as an inflation hedge. Forecasts indicate a 17% chance of a rate hike in October and an 83% chance in December, following the Fed’s rate increase a week ago. Additionally, other metals such as silver, platinum, and palladium registered notable gains. The market remains cautious, awaiting new economic data that could impact monetary policy decisions.
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