Gold climbs to $4,177 amid fading rate hike fears

MG News | July 03, 2026 at 10:12 AM GMT+05:00

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July 03, 2026 (MLN): Gold prices climbed on Friday as investors scaled back expectations of a Federal Reserve rate hike.

Currently, spot gold is up 3.06% to $4,177.42 an ounce as of [10:05 am] PST, according to data reported by Mettis Global.

The US dollar was heading for a weekly decline, making dollar-denominated gold cheaper for buyers holding other currencies.

Traders were pricing in roughly a 54% probability of a rate hike in September, down from 66% before the jobs data was released, according to the CME FedWatch Tool, CNBC reported.

Higher interest rates tend to weigh on non-yielding assets like gold, as they boost the appeal of interest-bearing investments.

Among other precious metals, spot silver rose 2.3% to $62.43 per ounce, platinum advanced 2.7% to $1,660.05, and palladium added 1.3% to $1,284.40.

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KSE30	50,901.99 58.56M	0.04% 18.99
KMI30	243,765.66 75.35M	0.26% 626.41
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	85,900.00	86,455.00 80,410.00	4570.00 5.62%
BRENT CRUDE	99.41	104.90 98.98	-4.46 -4.29%
RICHARDS BAY COAL MONTHLY	130.00	0.00 0.00	6.10 4.92%
ROTTERDAM COAL MONTHLY	138.50	0.00 0.00	1.45 1.06%
USD RBD PALM OLEIN	1,228.00	1,228.00 1,228.00	0.00 0.00%
CRUDE OIL - WTI	91.63	97.22 91.30	-4.45 -4.63%
SUGAR #11 WORLD	18.45	18.60 18.15	0.21 1.15%