Forex
Gold Prices Climb on Weaker Dollar and Reduced Rate Hike Bets
Gold prices rose on Monday, buoyed by a weaker US dollar and reduced expectations for a US interest rate hike next month. Spot gold increased 0.4% to $4,391.07 per ounce at 0248 GMT.
The US dollar index dropped 0.1%, making metals more affordable for other currency holders. This comes as recent soft economic data has reduced the likelihood of a rate hike in August.
US gold futures for December delivery edged 0.3% higher to $4,448.10. The precious metal has been supported by soft inflation numbers and mixed economic data, keeping the US dollar under pressure.