Gold climbs 1.3% amid dollar fall
Gold prices rose by 1.3% to reach $4,158.63 per ounce in spot transactions, recovering from a one-week low, following a decline in the dollar and investors' reassessment of the prospects for U.S. interest rate hikes. Additionally, U.S. December gold futures increased by 1.8% to $4,180, as the dollar retreated from its 18-month highs. The rise coincided with a faster increase in U.S. consumer inflation during September, fueled by higher gasoline prices, which added to uncertainty about the future course of interest rate hikes. The President of the Federal Reserve Bank of San Francisco indicated that there might be a need to raise short-term interest rates without specifying a timeline during this month's meetings. Markets are awaiting the release of producer price index data and U.S. retail sales figures, amid rising prices of other precious metals such as silver, platinum, and palladium.
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