Gold Prices Surge as Rate-Hike Fears Ease and Fed Minutes Loom

Gold prices continued their upward trend on Tuesday for a third consecutive day as fears of a US interest rate hike next month eased. The precious metal rose 0.2% to $4,424.28 per ounce by 0130 GMT, while US gold futures for December delivery inched 0.2% higher to $4,480.90.

The strengthening dollar against major currencies helped gold gain momentum as it becomes cheaper for holders of other currencies when the dollar is weak. The U.S. central bank's decision to keep its key interest rate unchanged next month and through year-end has given gold investors more confidence in the metal's value.

Market analysts are looking forward to the minutes of the Federal Reserve's latest meeting, scheduled for release on Wednesday. These minutes will provide crucial insights into the Fed's monetary policy path, which may further boost gold prices.