Gold Rises as US Rate Hike Expectations Fade

Gold prices rose on Monday after recent weak economic data sharply reduced expectations that the US Federal Reserve (the central bank) would raise interest rates in October, boosting the appeal of the non-yielding precious metal.

Spot gold increased by 0.4 percent to $4,158.17 per ounce by 01:50 GMT, while US December gold futures rose 0.6 percent to $4,186.40.

Data released on Friday showed that US job growth slowed more than expected in September, with non-farm payrolls for the previous two months revised down sharply.

Among other precious metals, spot silver rose 1.7 percent to $61.40 per ounce, platinum increased 0.6 percent to $1,708.48, and palladium climbed 0.6 percent to $1,175.04.