Gold dips as dollar remains steady
Gold prices slightly declined as the US dollar strengthened, following the release of weak US economic data that led to a reduction in the Federal Reserve's interest rate hike expectations for October. Spot gold dropped to $4,131.61 per ounce, while the US dollar index rose by 0.6%. The data showed a slowdown in US job growth in September, which reduced the likelihood of a rate hike in October to 18%, with markets continued to anticipate a possible increase in December. Geopolitical developments in Yemen and Middle East tensions caused heightened volatility in the oil and gold markets, with prices of other metals such as silver and platinum rising, while palladium prices fell.
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