Gold prices rose on Monday as expectations grew that the U.S. Federal Reserve may cut interest rates in December, following weaker economic data signaling a global slowdown.
Spot gold gained 1.3% to reach $4,053 per ounce, while U.S. gold futures rose 1.2% to $4,060.40 per ounce, according to CNBC.
Other precious metals also saw gains: silver advanced 1.1% to $48.84, platinum increased 1.2% to $1,563.25, and palladium climbed 1.2% to $1,396.75.
Recent U.S. data showed a decline in labor market conditions, with job losses in both government and private sectors, while consumer confidence fell to its lowest level in nearly 3.5 years. The ongoing federal shutdown, now in its 40th day, has heightened pressure on the economy, reinforcing expectations of an interest rate cut by the Federal Reserve.
Analysts noted that lower bond yields and a softer dollar continue to drive demand for gold amid global economic uncertainty.
