Gold Price Climbs Toward $4,400 as Dollar Weakens and Fed Rate-Hike Bets Fall

Gold prices rose on Monday, August 17, as a weaker U.S. dollar and reduced expectations for a Federal Reserve interest-rate increase strengthened demand for bullion.

Spot gold gained 0.4% to $4,391.07 an ounce by 2:48 a.m. GMT, while December U.S. gold futures advanced 0.3% to $4,448.10.

Fed expectations support gold

The dollar index slipped 0.1%, making gold less expensive for buyers using other currencies. Markets placed the probability of a September Fed rate increase at about 30%, down from 47% one month earlier.

Silver and platinum-group metals rise

Silver climbed 1.4% to $65.53 an ounce. Platinum rose 0.3% to $1,752.36, while palladium gained 1.6% to $1,333.35.