Gold Prices Surge on Weaker Dollar and Lower Rate Hike Odds

Gold prices have seen a slight increase on Monday as investors become less certain about a potential US rate hike next month. The metal is now trading at $4,388.62 per ounce, up 0.3% from last week's close.

The US dollar index fell by 0.1%, making metals priced in greenback cheaper for holders of other currencies. This decrease in the dollar's value has contributed to gold's rise as it makes the metal more attractive to foreign investors.

The market is now pricing in a 33% chance of a September rate hike, down from 47% last month. The Federal Reserve's minutes from July's meeting will be closely watched for any hints about the future of monetary policy and its impact on gold prices.