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Gold gains as October Fed rate hike prospects fade
Gold prices drifted higher on Monday after recent soft economic data sharply lowered expectations of a Federal Reserve rate hike in October, increasing the appeal of the non-yielding asset. Spot gold was up 0.4% to $4,158.17 per ounce by 0150 GMT. US gold futures for December delivery rose 0.6% to $4,186.40. US job growth slowed more than expected in September, and the nonfarm payrolls count for the prior two months was revised sharply lower, data showed on Friday. “The softer labour market data has helped dial back October Fed hike expectations, which is providing gold some support. But ...
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