Gold prices increased on Monday, driven by expectations of a Federal Reserve interest rate cut next month. Spot gold rose 0.6% to $2,644.16 an ounce, although it was down 0.3% for the week. US gold futures gained 0.8%, reaching $2,661.40.
In other metals, spot silver rose 0.3% to $31.28 an ounce, and platinum increased 1% to $976.55. Both metals were on track for weekly losses. Palladium rose 1% to $1,080.27, heading for a 7% weekly gain.
Traders are now awaiting the US producer price index report for further insights on inflation trends.
