Dollar Weakness Boosts Gold Prices Amid Weakening Economic Data

Gold prices rose on Monday as the US dollar weakened, driven by softer US economic data that reduced expectations of an interest rate hike in September.

The US dollar index fell 0.15% to trade at 99.51 points, while investors now expect a 30% probability of an interest rate hike at the Federal Reserve's September meeting, down from 47% a month ago.

The University of Michigan reported a decline in US consumer sentiment in August, and producer prices in the US remained unchanged month-on-month in July, accompanied by a slight increase in consumer prices.