India, May 6 -- Gold prices climbed on Monday as Fed rate cut hopes and escalating geopolitical tensions in the Middle East boosted demand for the precious metal.
Spot gold jumped 0.7 percent to $2,317.78 per ounce while U.S. gold futures were up 0.8 percent at $2,326.30.
The dollar index dropped as Friday's data showing weak U.S. job growth and contraction in U.S. services sector activity for the first time since December 2022 spurred expectations for Fed rate cuts later in the year.
Fed Bank President John Williams said on Friday that the U.S. central bank's 2 percent inflation target is key to achieving price stability.
Separately, Austan Goolsbee, president of the Chicago Fed, noted that more data like Friday's jobs report would giv...