From The Economic Times · Reuters · · 1m 20s
Gold Rises as Fed Rate Hike Prospects Fade
Gold prices climb as October Fed rate hike expectations weaken.
In brief
Gold prices climb as October Fed rate hike expectations weaken. Gold prices rose 0.3% to $4,153.32 per ounce as soft US job data reduced hopes of a Federal Reserve rate hike in October. Originally reported by The Economic Times.
Gold Prices Rise
Gold prices inched higher during early Asia trade on Monday as recent soft economic data lowered expectations of a Federal Reserve rate hike in October.
Spot Gold Up 0.3%
Spot gold was up 0.3% to $4,153.32 per ounce by 0022 GMT.
US Job Growth Slowed
Data on Friday showed that US job growth slowed more than expected in September and the nonfarm payrolls count for the prior two months was revised sharply lower.
Fed Rate Hike Prospects Fade
Fed policymakers were already leaning against delivering a second straight rate hike this month to give them time to sift through more economic data before pulling the trigger again, and a cooler than expected job market report Friday leaves that approach intact.
US Rate Rate Hike
The US central last month raised its benchmark overnight interest rate by 25 basis points to the 3.75%-4.00% range.
Other Metals Rise
Among other metals, spot silver gained 1% to $60.97, platinum added 0.4% to $1,705.70 and palladium firmed 0.7% to $1,176.00.
The main idea
Gold prices rose 0.3% to $4,153.32 per ounce as soft US job data reduced hopes of a Federal Reserve rate hike in October.
