Gold Dips as Dollar Strengthens Amid Reduced Rate Hike Expectations

Gold prices declined on Monday as the US dollar gained strength, though losses were somewhat restrained following recent weak economic data. The reduced expectations for a Federal Reserve interest rate hike in October likely limited the downward movement in gold.

Spot gold fell 0.3 percent to $4,131.61 per ounce by 04:22 GMT. Meanwhile, US gold futures for December delivery dropped 0.1 percent to $4,159.30, as reported by Reuters.

Other precious metals showed mixed movements. Spot silver rose 0.9 percent to $60.94 per ounce, and platinum gained 0.5 percent to $1,706.18. In contrast, palladium dipped 0.2 percent to $1,165.40.