Gold Prices Climb as Rate Hike Fears Subside Amid Softer US Economic Data

Gold prices rose for the third consecutive session on Tuesday as fears of a U.S. interest rate hike next month subsided, following softer-than-expected economic data in the United States.

The precious metal's value increased by 0.2% to $4,424.28 per ounce, while U.S. gold futures for December delivery edged 0.2% higher to $4,480.90.

Market analysts point to a weakening U.S. dollar as a contributing factor to the rise in gold prices, with a dollar-priced metal becoming less expensive for holders of other currencies when the dollar is weak.

A Reuters poll indicates that most economists expect the Federal Reserve to keep its key interest rate unchanged next month and through year-end.