Commodities
Gold Prices Soar as Dollar Weakens and Rate Hike Bets Decline
Gold prices rose on Monday, reaching a two-month high as the US dollar weakened and expectations for an interest rate hike decreased.
The spot price of gold increased by 0.60% to $4,400.15 per ounce, while US gold futures for December delivery edged up 0.40% to $4,456.50.
A weaker dollar makes gold more affordable for investors holding other currencies, said Tim Waterer, chief market analyst at KCM Trade.
The recent decline in nonfarm payrolls and mild inflation data reduced the likelihood of a September rate hike, with traders now pricing in a 29% chance, down from 47% a month ago.