Gold Pushes Above $4,150 as Fading Fed Hike Hopes Lift Bullion
Spot gold rose 0.4 per cent to $4,158.17 an ounce on Monday, while US gold futures for December delivery gained 0.6 per cent to $4,186.40. The metal is drawing support from fading expectations of near-term US interest rate hikes.
US job growth slowed sharply in September, with nonfarm payrolls rising by just 29,000, far below expectations. Traders now see only a 22 per cent chance of a Fed rate hike in October, down from 64 per cent a week ago, according to the CME FedWatch Tool. An 87 per cent chance of a December increase is still priced in.
The Fed raised its benchmark rate by 25 basis points to the 3.75 to 4.00 per cent range last month, its first increase in three years. Among other metals, silver gained 1.7 per cent to $61.40 an ounce and platinum rose 0.6 per cent to $1,708.48.
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