Precious metals prices rose markedly on Monday, with gold reaching a four–month high and silver reaching its highest level since September 2011. On the spot market, gold rose 1% to $3,487 per ounce, while December Comex futures rose 0.8% to $355. Silver added 2.4% to $40.61 per ounce. The increase in quotations is due to increased demand for «safe havens» amid uncertainty around the independence of the Fed, litigation over Trump's tariffs and expectations of a key report on the US labor market. The Federal Reserve Bank of San Francisco, Mary Daly, made it clear that the Fed could cut the rate soon, noting that the impact of duties on inflation would be temporary. It is worth noting that trading today is taking place with low liquidity due to the Labor Day weekend in the United States, which increases price volatility.
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