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Forex

Weaker Dollar Sends Gold Prices Soaring Amid Rate-Hike Uncertainty

Guavy AI Editorial Team
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USD
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Gold prices rose on Monday, as a weaker US dollar and reduced expectations for a US interest rate hike next month supported the metal. Spot gold climbed 0.4% to $4,391.49 per ounce by 0520 GMT.

The metal has been gaining momentum in recent days, with prices hitting a more-than-two-month high last week. The US dollar index was down 0.2%, making greenback-priced metals more affordable for other currency holders.

Analysts pointed to the soft inflation numbers and decline in US nonfarm payrolls as factors contributing to the weaker dollar and reduced rate-hike expectations.

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