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Gold set for first monthly rise in five months
Gold prices experienced a decline today by 0.5%, reaching $4,076.53 per ounce. However, the metal is on track to achieve its first monthly gain in five months, having risen approximately 1.8% since the beginning of the month. This movement is supported by a strong support level near $4,000, which has encouraged buying on dips, despite the pressures from the US dollar's rise, which increased by 0.3%. The precious metal's movement comes amid the Federal Reserve's decision to keep interest rates steady, with a 63% probability of a rate hike at the September meeting. While gold continues to be a hedge against inflation, rising interest rates diminish its appeal and influence the trading of other metals such as silver and platinum, which are also heading toward monthly gains.
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