Gold Gains Amid Weakening Dollar and Rate Hike Expectations
Gold prices rose today by 0.1% in spot transactions to reach $4,145.22 per ounce, supported by a decline in the dollar and investors awaiting the U.S. Federal Reserve's decision on interest rate hikes scheduled for October 27-28. The market estimates an approximately 82% probability that the Federal Reserve will keep interest rates unchanged at the upcoming meeting, with expectations of a possible increase in December at a 89% likelihood. The forecasts suggest that maintaining stable interest rates could support higher gold prices, especially as the dollar index declines and oil prices drop. Recent statements from the Federal Reserve also eased expectations of a larger rate hike. Additionally, other precious metals like silver and platinum rose, while palladium experienced a decline.
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