Gold Prices Surge to Nine-Week High on Weaker Dollar and Soft US Economic Data

Gold prices have reached their highest level in nine weeks, reaching $4,413.16 an ounce, as a weaker US dollar supports the metal's value.

The spot price of gold has increased by 0.5% or $22.60 since yesterday, while silver is up 0.6% at $66 an ounce.

The US dollar's decline to 99.75 on the dollar index has made gold cheaper for buyers holding other currencies, driving up demand.

Last week's weaker-than-expected US economic data, including a decline in nonfarm payrolls, has also boosted expectations of a more dovish monetary policy stance from the Federal Reserve.

Market expectations for a rate hike at the next FOMC meeting have eased to around 65% from about 70% earlier.