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Gold gains amid weaker dollar and rate hike fears
Gold prices rose today due to a decline in the US dollar and easing expectations of a US interest rate hike, following weak economic data including slower non-farm employment growth and reduced inflation. This has lowered the chances of a rate increase in September from 47% to 30%. The spot gold price reached $4,391.49 per ounce, while the December contract traded at $4,448.40, with the dollar index down 0.2%. Silver increased by 1.4% to $65.57, and platinum also rose by 1.4% to $1,331.10, whereas palladium fell slightly by 0.1% to $1,746.43. Markets are awaiting the Federal Reserve’s minutes to gain insights into future monetary policy.
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