Gold Prices Surge Amid Dollar Dip and Fed Speculations
Gold prices increased as the dollar weakened, with investors eyeing U.S. economic data for monetary policy clues. Nonfarm payrolls and gold buying trends, especially from China, are influencing the market. Meanwhile, silver climbed 2.9%, platinum declined 0.2%, and palladium remained steady.
Gold prices saw a 1.2% rise on Monday, driven by a weaker dollar, as investors anticipated a wave of U.S. economic data that may provide insights into the Federal Reserve's monetary strategies. This uptick continues from a 4% rally observed last Friday.
Amidst a decrease of 0.8% in the value of the U.S. dollar, making gold more accessible to foreign buyers, U.S. gold futures also climbed 1.3%. Economic indicators, particularly with regards to labor, are awaited this week, with markets already factoring in potential interest rate cuts in 2026.
The People's Bank of China maintained its gold acquisition streak for the 15th consecutive month, influencing market psychology amid geopolitical risks. Furthermore, silver experienced a rise, whereas platinum and palladium showed mixed performances due to shifts in demand related to electric vehicles.
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