Gold Prices Rise Amid Lower US Interest Rate Hike Expectations

Gold prices have started October on a positive note, rising by 0.5% to $4,175.19 per ounce as of 04:17 GMT. This increase comes after US inflation data came in below forecasts, which has led to a decline in expectations for a US interest rate hike in October.

The precious metal had fallen more than six percent in September, but the current trend suggests that it may be stabilizing. Markets are now awaiting US jobs data for further clues regarding the path of monetary policy.

Other precious metals have also seen gains, with spot silver climbing 1.2% to $61.11 per ounce, platinum rising 0.7% to $1,717.35, and palladium increasing 0.3% to $1,207.12.