Gold Inches up as October Fed Rate Hike Prospects Fade
Spot gold rose 0.3% to $4,153.66 an ounce as traders cut the odds of an October Fed hike to about 20%, Bloomberg data showed.
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Live MintGold gains as October Fed rate hike prospects fade
Gold prices drifted higher on Monday after recent soft economic data sharply lowered expectations of a Federal Reserve rate hike in October, increasing the appeal of the non-yielding asset. Spot gold was up 0.4% to $4,158.17 per ounce by 0150 GMT. US gold futures for December delivery rose 0.6% to $4,186.40. US job growth slowed more than expected in September, and the nonfarm payrolls count for the prior two months was revised sharply lower…
Gold prices rose in early Asian dealings, today Monday, as the expectations of the Federal Reserve (United States Central Bank) to raise interest rates declined during the current month, following statements showing a slowdown in the United States labour market.
Gold inches up as October Fed rate hike prospects fade
During early Monday trading in Asia, gold prices surged due to lackluster US job growth figures. This disappointing employment data notably diminished the Federal Reserve's likelihood of raising interest rates in October, prompting investors to pivot towards safe-haven assets. Spot gold climbed to $4,153.32 per ounce, while silver and platinum also experienced price increases as market reactions unfolded. Economic trends are steering investment …
Gold started the new week higher, but weak US employment data sharply lowered expectations for a Fed rate hike in October. The price of gold surpassed $4,150 per ounce. Three developments this week could determine the short-term direction; one of them is in Istanbul.
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