Gold Recovers From Two-Month Lows as US Dollar Weakens
Spot gold rose to $4,132.66 per ounce, recovering from two-month lows as the dollar retreated.
Gold prices rebounded as the dollar retreated from an 18-month high, reaching $4,132.66 per ounce in the spot market. Investors are closely monitoring the Federal Reserve's interest rate policies.
Reason for the Recovery in Gold Prices
Gold posted gains on Thursday as the dollar pulled back from an 18-month peak. The weakening of the dollar directly supported the precious metal's recovery from a two-month low.
Latest Status in Spot and Futures Gold Markets
Spot gold rose 0.5% to $4,132.66 per ounce. On Wednesday, the lowest level since August 5 had been seen due to a strong dollar and rising US Treasury yields. US gold futures for December delivery increased 0.4% to $4,157.60.
Fed Policies and Market Expectations
Investors are evaluating whether the US Federal Reserve will pursue another interest rate hike this year. According to CME FedWatch data, investors are pricing in an 18% probability of a rate hike this month, while seeing an 80% probability of a rate hike in December.
Changes in Other Precious Metals
Other precious metals in the market also saw increases. Spot silver rose 0.4% to $60.36, platinum increased 1.8% to $1,660.05, and palladium climbed 1.6% to $1,142.