Gold Prices Rise as US Rate Hike Expectations Fade
Gold prices surged at the start of the trading week, buoyed by weaker-than-expected US economic data and fading expectations of a Federal Reserve interest rate hike in October. Investors have renewed their interest in gold as a safe-haven asset, seeking protection amid economic uncertainty despite its lack of yield.
Spot gold prices increased by 0.4% to $4,158.17 per ounce, while US gold futures for December delivery rose 0.6% to $4,186.40 per ounce. Analysts highlight that shifts in US interest rate expectations directly influence global gold prices, with recent economic indicators signaling weakness and driving up demand.
Other precious metals also saw gains. Spot silver climbed 1.7% to $61.40 per ounce, while platinum and palladium each advanced 0.6%, reaching $1,708.48 and $1,175.04 per ounce, respectively.