Gold is relatively rising with the decline in the dollar and confidence in the US rate cut
Gold prices rose relatively today, Monday, supported by a decline in the dollar, and increasing confidence among traders that the US Federal Reserve will reduce Interest rates at its meeting this week.
The price of gold in spot transactions increased by 0.3% to reach $4,207.99 per ounce, by 05:30 GMT, and US gold futures contracts (December delivery) fell by 0.1% to reach $4,237.0 per ounce.
On the other hand, the price of silver fell by 0.4% to reach $58.05 per ounce, after recording the highest Its all-time high was at $59.32 on Friday.
In other precious metals, platinum rose 1.4% to $1,664.20, and palladium rose 0.8% to $1,468.26.
Meanwhile, The US dollar, hovering near one-month lows touched on December 4th, making dollar-denominated gold cheaper for buyers abroad.
Markets are currently placing odds of around 88% for a 25 basis point cut in interest rates at this week’s Fed meeting.
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