Gold Rises for Third Straight Session Amid Softer Dollar and Lower Oil

Gold prices rose for a third consecutive session on Wednesday, reaching $4,127.04 per ounce as spot gold and U.S. gold futures increased by 1.3% and 0.8%, respectively.

The higher price of gold is attributed to the softer dollar and lower oil prices. The U.S. dollar's decline makes greenback-priced metals more attractive to holders of other currencies, while lower oil prices can ease inflation concerns that often lead to expectations of higher interest rates.

Market analysts expect a 59% probability of a Federal Reserve interest rate hike at the September 15-16 meeting, down from 67% a day earlier. Gold tends to lose its appeal in high-interest-rate environments despite being an inflation hedge, as it yields no interest.