Gold gains as dollar weakens and rate hike prospects fall
Gold prices rose today amid a declining dollar and expectations of a reduced likelihood of a U.S. interest rate hike. Spot gold increased by 0.5% to $4,398.58 per ounce, while U.S. futures contracts gained 0.4% to $4,455.50. This came after an unexpectedly weak U.S. jobs report and signs of slowing inflation, which lowered expectations of a rate hike in September from 51% to 31%. Additionally, market expectations for interest rate increases and the likelihood of reduced Federal Reserve intervention declined, boosting gold's appeal as a store of value.
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