Gold prices increase at start of week
Gold prices rose today, Monday, bolstered by a decline in oil prices amidst expectations that the Federal Reserve may raise interest rates in the near future. Spot gold increased by 0.3% to $4,175.60 per ounce, while US gold futures for December delivery rose by 0.4% to $4,196.40. The rise in gold supports forecasts of falling oil prices and declining yields, which reduce inflation fears and make gold more attractive as a safe haven. However, higher interest rates could weaken its appeal, since gold does not generate yields. The market is awaiting the Federal Open Market Committee meeting and US inflation indicators, with a 16% chance of rate hikes in October and a 92% chance in December, according to predictive tools. Other precious metals also gained, with silver climbing 0.9% to $57.54 per ounce.
Notice: This Is an AI-Generated Summary
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