Gold Shines Amid Speculation of U.S. Interest Rate Cuts

Gold prices surged today, heading for gains for the fourth consecutive month, spurred by investor optimism regarding the potential reduction in U.S. interest rates next month.

By 03:03 GMT, spot gold climbed 0.8 percent to 4189.61 dollars per ounce, reaching its highest level since November 14, and is on track for a three percent weekly gain and a 3.9 percent monthly increase.

The U.S. gold futures for December delivery rose 0.5 percent to 4221.30 dollars per ounce.

Other precious metals also saw gains, with silver jumping 1.4 percent in spot transactions to 54.18 dollars per ounce. Meanwhile, platinum rose by 1.7 percent to 1634.82 dollars, both recording a weekly increase of 7.4 percent.

Palladium, however, dipped 0.6 percent to 1428.62 dollars per ounce, but it is still set for a four percent weekly gain.