Gold Prices Rise as Rate-Hike Fears Ease Ahead of Fed Minutes
Gold prices have continued to rise for the third straight session due to easing rate-hike fears. According to market analysts, investors are awaiting minutes from the Federal Reserve's latest meeting for clues on monetary policy.
The spot gold price was up 0.2% at $4,424.28 per ounce by 0130 GMT. U.S. gold futures for December delivery edged 0.2% higher to $4,480.90.
A weaker U.S. currency makes dollar-priced metals cheaper for holders of other currencies. IG market analyst Tony Sycamore said that gold is extending its gains after last week's soft U.S. economic data raised hopes that the Fed will keep rates on hold this year.
Market focus will be on the minutes of the Fed's most recent policy meeting, due to be released on Wednesday. The U.S. central bank is expected to keep its key interest rate unchanged next month and through year-end, according to a Reuters poll.