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Gold rises amid weaker dollar and easing rate hike concerns
Gold prices rose today supported by a weakening U.S. dollar and expectations that the Federal Reserve's tightening cycle is nearing its end. The spot price of an ounce hit $4,398.58, the highest in two months, while futures increased to $4,455.50. The chances of a U.S. interest rate hike dropped to 31% from 51% a month ago, due to slowing job data and inflation figures, which increased gold's attractiveness as a safe haven. Other precious metals also gained, with silver rising by 1.5% and platinum by 0.7%, driven by dollar weakness and expectations of monetary easing.
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