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Commodities

Gold Prices Soar on Weaker Dollar and Reduced Rate Hike Bets

Guavy AI Editorial Team
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Gold prices rose on Monday, supported by a weaker US dollar and reduced expectations for a Federal Reserve interest rate hike next month. The gold price reached its highest level in over two months.

The spot gold price increased by 0.4% to $4,391.07 per ounce at 0248 GMT. US gold futures for December delivery also edged up 0.3% to $4,448.10.

The weaker dollar made greenback-priced metals more affordable for holders of other currencies. The US dollar index fell by 0.1%. Silver prices rose by 1.4% to $65.53 per ounce, while platinum and palladium also gained ground.

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