Gold surged above the key $3,800-per-ounce level for the first time ever on Monday, supported by a weaker dollar and growing expectations that the Federal Reserve will cut interest rates further this year. Spot gold jumped 1.1% to $3,801.88 per ounce by 0435 GMT. U.S. gold futures for December delivery rose 0.6% to $3,831.90. The U.S. dollar index, opens new tab eased 0.2% against its rivals, making greenback-priced bullion less expensive for overseas buyers. The U.S. Commerce Department said on Friday its Personal Consumption Expenditures Price Index (PCE) rose 0.3% in August, versus a...
Gold prices surged above $3,800 per oz for the first time on Monday, boosted by growing speculation of a US Federal Reserve interest rate cut, weakening the dollar, while concerns over a possible US government shutdown boosted demand for safe-haven assets. Spot gold prices jumped 1.5% to $3,816.79 per oz at 09:23 GMT, after reaching $3,819.59 earlier in the session. US gold futures for December delivery rose 1% to $3,846.60. The US dollar index fell 0.3%, making dollar-priced bullion cheaper for overseas buyers. US President Donald Trump will meet with Democratic and Republican leaders in...
Oil declined on signals that OPEC+ will hike production again in November, tempering a strong rally last week. Brent fell back below $70 a barrel after closing at the highest level since late July on Friday. The OPEC+ alliance led by Saudi Arabia is considering raising output by at least as much as the 137,000 barrel-a-day hike scheduled for next month, according to people familiar with the plans. While such an increase could add supply to a market in which there's already expected to be an excess, it would also bring further scrutiny to which of the group's members are...