Gold Rises, Dollar Eases as Biden Decides to Withdraw from 2024 Presidential Race

Gold prices rose on Monday as the dollar eased following US President Joe Biden's decision to withdraw from the 2024 presidential race, with investors turning to bullion as a hedge against an uncertain political and market outlook. Spot gold rose 0.2 percent at USD 2,405.40 per ounce, while US gold futures gained 0.3 percent to USD 2,407.20. The dollar eased on Monday in the initial reaction to US President Joe Biden's decision to end his reelection campaign, clearing the way for another Democrat to challenge Donald Trump. Among other metals, spot silver fell 0.5 percent to USD 29.11/oze, platinum slipped 0.3 percent to USD 959.99, while palladium rose 1.1 percent to USD 916.18. Source: Qatar News Agency