Gold prices rise as weaker dollar and soft US data dim rate-cut hopes

BAGHDAD, Iraq — Gold prices climbed on Monday as a softer dollar and weaker-than-expected US economic data reshaped expectations for monetary policy. Spot gold gained 0.4% to $4,391.07 per ounce, while US gold futures for December delivery rose 0.3% to $4,448.10 per ounce. The dollar index slipped 0.1%, making dollar-denominated gold more affordable for holders of other currencies. Disappointing July US data — including slowing inflation and a decline in non-farm payrolls — cut market expectations for a September rate increase from 47% to 30%. Traders are awaiting the minutes of the US central bank's July meeting, due on Wednesday. Other precious metals also advanced, with silver up 1.4% to $65.53 per ounce, platinum 0.3% higher at $1,752.36, and palladium gaining 1.6% to $1,333.35 per ounce.