Gold prices rose to a six-month high on Monday as the US currency fell. Yellow metal prices have also risen on expectations that the US Federal Reserve will begin relaxing monetary policy sooner than predicted.
At 1019 GMT, spot gold was up 0.6% at $2,012.92 per ounce, having reached a high of $2,017.82 on May 16. Gold futures in the United States rose 0.5% to $2,013.80 per ounce. In addition, the US dollar dropped 0.1% against a basket of key currencies. In November, the US dollar index fell 3.16%. The gauge tracks the dollar against six peers.
Investors are looking for hints on the Fed's monetary policy impact in the revised US third quarter GDP (Gross Domestic Product) statistics, which will be issued on Wednesday, followed by the US PCE (personal consumption expenditure) price index on Thursday.
The US Federal Reserve is largely expected to leave interest rates steady at its upcoming FOMC (Federal Open Market Committee) meeting in December.
Spot silver increased 1.4% to $24.65 per ounce, while platinum increased 0.2% to $932.81. Palladium prices increased 0.6% to $1,075.01 per ounce. Gold for December delivery rose $10.20 to $2,003 per ounce on Friday. The price of silver for December delivery increased by 65 cents to $24.34 per ounce.
Global stock markets were practically flat on Monday, as investors await major inflation data from the United States and Europe later this week. The MSCI world stock index was down 0.06%. In addition, the pan-European STOXX 600 index fell 0.13%. The S&P 500 index futures were down 0.18%.
On Monday, major Asian stock indexes fell as well. The 10-year US Treasury note rate increased by one basis point to 4.494%. Crude oil prices fell about 2% on Monday, ahead of an OPEC and its allies meeting on November 30. In 2024, the member countries will discuss supply limitations.
