Gold rises amid bets on stopping interest rate hikes in America

Gold prices rose slightly on Monday, with the dollar continuing its losses after recently released economic data in the United States reinforced bets on the Federal Reserve (the US central bank) ending its cycle of raising interest rates.

According to Reuters, gold in spot transactions increased 0.1% to 1981.80 per ounce by 0537 GMT, after rising 2.2% last week.

US gold futures settled at $1,984.20 per ounce

Data indicating a slowdown in the labor market in the United States and consumer price inflation data that came in lower than expected last week reinforced hopes that the US Federal Reserve would begin easing monetary policy earlier than expected.

Lower interest rates put downward pressure on the dollar and bond yields, which enhances the attractiveness of the yellow metal, which does not generate a return.

The dollar fell 0.2% to its lowest level in two and a half months against a basket of competing currencies, which reduces the cost of gold for holders of other currencies.

Investors are currently awaiting the release of the minutes of the US Federal Reserve’s latest meeting later this week, searching for indications about the future path of interest rates.

As for other precious metals, silver settled in spot transactions at $23.73 per ounce, while platinum rose 0.5% to $903.02, and palladium also increased 0.3% to $1,056.33 per ounce.

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