Gold Edges Up as Dollar Weakens Amid Diminished Rate Hike Expectations

Gold prices rose slightly on Monday as the US dollar weakened and expectations of an interest rate hike diminished.

The spot price of gold increased by 0.3% to $4,388.62 per ounce, while US gold futures for December delivery gained 0.2% to $4,444.30 per ounce.

The decline in the US dollar index, which fell 0.1%, made dollar-denominated gold cheaper for holders of other currencies.

A recent drop in nonfarm payrolls and modest consumer price inflation reduced expectations that the Federal Reserve would raise interest rates next month.