Gold Gains 2.6 Percent in Spot Market
Gold prices rose significantly, increasing by 2.6% in the spot trades to $4,348.87 per ounce, and by 2.5% in US futures to $4,408. This came after an unexpectedly weak non-farm employment report in the US for July reduced the likelihood of interest rate hikes. Other precious metals also saw gains: silver rose 4.5% to $64.26, platinum increased 1.4% to $1,753.09, and palladium went up 0.4% to $1,375.75. These gains are bringing metals close to strong weekly advances, as the market is leaning toward higher expectations that US interest rates will not be raised in the near future.
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