Sanaa: Gold rose to its highest level in more than four months on Monday, supported by increased bets on a U.S. Federal Reserve rate cut this month, boosting the precious metal's appeal. Silver also climbed above $40 per ounce for the first time in more than a decade.
According to Yemen News Agency, spot gold rose 0.8% to $3,477.39 per ounce, marking its highest level since April 23. U.S. gold futures for December delivery also experienced a rise, increasing by 0.8% to reach $3,545.50.
The surge in gold prices is attributed to market expectations of a potential interest rate cut by the U.S. Federal Reserve, which tends to enhance the attractiveness of non-yielding assets like gold. Meanwhile, silver's rise past the $40 mark reflects a significant milestone, as it is the first time the metal has reached this level since 2011, suggesting increased investor interest in the commodity.