Gold rises over 1% on Fed cut hopes, US data in focus

Gold rises over 1% on Fed cut hopes, US data in focus

From msn.com

Gold prices rose more than 1% on Monday, supported by growing expectations of a Federal Reserve interest rate cut next month and ahead of fresh U.S. economic data for further clues on the monetary policy. Spot gold gained 1.2% at $4,111.86 per ounce, by 01:43 p.m. EST (1843 GMT). U.S. gold futures for December delivery settled 0.4% higher at $4,094.2 per ounce. "The market is increasingly getting convinced that the U.S. Federal Reserve is on track to cut interest rates in December," said Bart Melek, head of commodity strategies at TD Securities. New York Fed President John Williams said on Friday that U.S. interest ... (full story)

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