Commodities
Gold Prices Dip as Strong Dollar Weighs on Demand
Gold prices experienced a slight decline on Monday as the US dollar strengthened, reversing some of their recent gains. Spot gold dropped 0.3% to $4,131.61 per ounce, while US gold futures for December delivery fell 0.1% to $4,159.30.
The rise in the US dollar index by 0.6% made dollar-denominated metals more expensive for investors holding other currencies, contributing to the downward pressure on gold. However, losses were limited following recent weak economic data, which significantly lowered expectations of a Federal Reserve rate hike in October.
Other precious metals saw mixed movements. Spot silver rose 0.9% to $60.94, platinum increased 0.5% to $1,706.18, while palladium declined 0.2% to $1,165.40.