Gold Soars on Receding Rate Hike Expectations

Gold prices have surged to their highest level in over two months, driven by receding expectations of a US interest rate hike. Data showing a slowdown in inflationary pressures has led investors to reassess their views on monetary policy.

The spot price of gold rose 0.6% to $4,433.62 per ounce, while US gold futures for December delivery climbed 0.6% to $4,493.

Silver also gained, increasing by about 1% to $65.91 per ounce after reaching its highest level since June 22 in the previous session. Platinum and palladium prices were more subdued, with platinum rising 0.3% to $1,762.70 and palladium edging up 0.1% to $1,371.20.