Washington, Aug. 17 (SANA) Gold prices edged higher on Monday, supported by a weaker dollar and U.S. economic data that reduced expectations of an interest rate hike by the Federal Reserve next month.
Spot gold rose 0.3% to $4,388.62 an ounce, while U.S. gold futures for December delivery gained 0.2% to $4,444.30, Reuters reported.
The U.S. dollar index slipped 0.1%, making dollar-denominated gold less expensive for buyers holding other currencies.
An unexpected decline in U.S. nonfarm payrolls in July, coupled with data last week showing only a modest rise in consumer prices, weakened expectations that the Federal Reserve would raise interest rates in September.
Markets are pricing in a 33% chance of a September rate hike, down from 47% a month ago, according to CME’s FedWatch tool.
Among other precious metals, spot silver rose 0.8% to $65.19 an ounce, platinum gained 0.4% to $1,755.40 and palladium climbed 1.2% to $1,329.
N.J/ABD
