Gold Prices Bounce Back Amid Lower US Rate Hike Expectations

Singapore's gold prices saw an uptick on Thursday as investors sought safe-haven assets, driven by a decrease in expectations for a US interest rate hike in October. This shift in sentiment came after US inflation data revealed numbers lower than forecasted. Markets are now keeping a close eye on upcoming US jobs data to gauge the path of monetary policy.

Spot gold prices increased 0.5% to $4,175.19 per ounce by 04:17 GMT, marking a positive start for October after September's decline of more than six percent. December-delivery US gold futures also rose 0.4% to $4,204.80 per ounce.

Other precious metals saw similar gains, with spot silver climbing 1.2% to $61.11 per ounce and platinum rising 0.7% to $1,717.35. Palladium increased by 0.3% to $1,207.12.