Gold extends gains as US rate hike fears ease

Gold prices surged for the third day in a row as concerns surrounding a potential US interest rate hike next month subsided, boosting investor confidence ahead of the Federal Reserve's upcoming minutes release. On Wednesday, gold climbed for a third consecutive session, with concerns over a possible US rate increase easing, bolstered by investors eagerly awaiting the minutes from the Fed's latest meeting for additional clues on monetary policy direction.

Spot gold surged 0.4% to $4,431.09 per ounce, while US gold futures for December delivery advanced 0.3% to $4,487.70. The US dollar index experienced a dip, making the precious metal less costly for holders of foreign currencies. According to Reuters, the majority of surveyed economists anticipate the Federal Reserve to maintain its benchmark interest rate unchanged for the remainder of the year.

Silver rose 0.8% to $66.33 per ounce, while platinum increased 0.5% to $1,779.50, while palladium remained relatively stable at $1,332.50.