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.
- Spot gold rose 0.3% to US$4,153.66 on Monday as weak US jobs data cooled expectations for a Federal Reserve rate hike, with markets now pricing in roughly 20% odds for October.
- US non-farm payrolls increased by 29,000 in September, data released Friday showed, falling below all Bloomberg survey estimates and prompting Fed officials to downplay imminent rate increases.
- Gold fell more than 6% in September amid inflation concerns, though bullion currently trades near US$4,150 an ounce after losing 3.4% last week as investors await Fed minutes due mid-week.
- Silver climbed 1.3% to US$61.15 an ounce, rebounding from last week's decline, while Treasury Secretary Scott Bessent downplayed high borrowing costs as aligned with global trends.
- Oil prices rose amid widening conflict in the Middle East, with Saudi-backed leaders in Yemen launching a military bid against Houthis, even as inflationary pressures persist globally.
16 Articles
16 Articles
Gold rises above $4,158 an ounce as precious metals gain
Washington: Gold prices edged higher on Monday, with spot gold rising 0.4 per cent to $4,158.17 per ounce as of 01:50 GMT.US gold futures for December delivery gained 0.6 per cent to $4,186.40 per ounce.Among other precious metals, spot silver climbed 1.7 per cent to $61.40 per ounce, while platinum rose 0.6 per cent to $1,708.48 per ounce.Palladium also advanced 0.6 per cent to $1,175.04 per ounce.
Business Recorder
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 …
Coverage Details
Bias Distribution
- 57% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
