Gold futures rally ahead of US economic readings

Gold bars

Gold prices gained ground today, Oct. 3, as investors awaited key US economic data for more clues on the path of interest rates in the remaining meetings of the year.

Bullion for December delivery added 0.19%, or $4.70, stand at to $2,674.40 an ounce at 8:31 am Makkah time. Spot prices also tumbled by 0.20%, or $5.32, to $2,652.43 per ounce.

December silver futures, on the other hand, plunged by 0.31% to $31.82 an ounce, with platinum spot prices also down 0.95% to $999.59 per ounce.

The US dollar index, which gauges the greenback's strength against a basket of six currencies, also contributed to the decline in gold prices, reaching 101 points.

According to the CME FedWatch Tool, chances for another 50-basis-point rate cut at the Fed's November meeting have fallen to 33.6%, from 49.3% a week ago.

Traders are awaiting US readings due later in the day, including the ISM services index and initial jobless claims. The monthly nonfarm payrolls report is scheduled to be released tomorrow, Oct. 4.