Gold Prices Climb to 7-Week High as Fed Rate Hike Pressure Eases

Gold prices have risen for the fourth consecutive session, reaching a 7-week high. The US dollar's weakening and expectations of reduced pressure from the Federal Reserve (Fed) to raise interest rates are supporting the precious metals market.

The spot gold price increased by 0.41% to $4,262.17 per ounce as of 2:25 PM Vietnam time, while US gold futures contracts rose by 0.2% to $4,312.80 per ounce.

The Fed's monetary policy is expected to be less tough, which is contributing to the rise in gold prices. Additionally, oil prices remaining low are easing concerns about inflation and reducing pressure on the Fed to continue raising interest rates.