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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