Precious Metals Rise Amid Weaker Dollar, Lower Rate Hike Expectations
Gold and silver prices rose in late-afternoon U.S. trading Monday as a weaker dollar and lower expectations of another Fed rate hike supported precious metals.
The price increase came despite a rally in crude oil that lifted Treasury yields and pressured equities, with North American stock markets closing lower due to revived inflation concerns.
The S&P 500 fell 40.39 points, or 0.52%, to 7,745.37, while the Dow Jones Industrial Average lost 272.39 points, or 0.51%, to 53,460.02, and the Nasdaq Composite slipped 84.25 points, or 0.32%, to 26,644.91.
The latest positioning remains defined by softer U.S. data meeting a renewed oil shock, with last week's retail-sales miss, cooler CPI, flat headline PPI, and weaker consumer sentiment reducing the market's appetite for another September rate hike.