Gold extends gains as US rate hike fears ease

Gold prices climbed for a third consecutive session on Wednesday as concerns eased over a potential US interest rate hike next month, while investors awaited the minutes from the latest Federal Reserve meeting for further signals on monetary policy direction.

Spot gold rose 0.4% to $4,431.09 per ounce, while US gold futures for December delivery gained 0.3% to $4,487.70. The US dollar index slipped, making the precious metal less expensive for holders of other currencies.

According to Reuters, a majority of economists surveyed expect the Federal Reserve to keep its benchmark interest rate unchanged next month and through the end of the year.

Among other precious metals, spot silver rose 0.8% to $66.33 per ounce. Platinum increased 0.5% to $1,779.50, while palladium was little changed at $1,332.50.