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Gold hit a more than four-month high on Monday, as increased bets for a US Federal Reserve interest rate cut this month lifted bullion’s allure, while silver rose above $40 per ounce for the first time in more than a decade.

Spot gold rose 1.2 percent to $3,486.86 per ounce by 8:41 a.m. Saudi time, hitting its highest point since April 23. US gold futures for December delivery gained 1.1 percent to $3,554.60.

“Dovish comments from San Francisco Fed President Mary Daly helped traders looked past a higher core PCE (Personal Consumption Expenditures) read on Friday, and kept the door open for a 25-basis-point rate cut this month,” City Index senior analyst Matt Simpson said.

A US appeals court has also deemed most of US President Donald Trump’s tariffs illegal, weighing further on the dollar and sending gold to a four-month high, Simpson said.

Data showed that the US PCE price index rose 0.2 percent month-on-month, and 2.6 percent year-on-year, both in line with expectations.

In a social media post on Friday, Daly reiterated her support for a rate cut, given the risks to the labor market.

Non-yielding gold typically performs well in a low-interest-rate environment.

On the trade front, US Trade Representative Jamieson Greer said on Sunday the Trump administration is continuing its talks with trading partners despite a US appeals court ruling that most of Trump’s tariffs are illegal.

Spot silver jumped 2.2 percent to $40.56 per ounce, the highest level since September 2011.

“The US bank holiday is contributing to thinner liquidity, which is also exacerbating some of the moves in gold and silver,” said KCM Trade’s chief market analyst, Tim Waterer.

“Silver is making a move higher in response to expectations of lower US rates, while a tight supply market is helping to maintain an upward bias.”

Platinum gained 1.5 percent to $1,384.68 and palladium climbed 0.8 percent to $1,118.06.

RIYADH: Saudi Aramco has kept its official selling prices for liquefied petroleum gas unchanged for September 2025, maintaining the same levels as the previous month. Propane is priced at $520 per tonne, while butane remains at $490 per tonne, according to an official statement issued on Sunday.

LPG, which includes propane and butane, is widely used for residential heating, cooking, transportation, and as a petrochemical feedstock.

Aramco’s monthly pricing serves as a benchmark for exports from the Gulf to Asia, the world’s largest LPG-consuming region.

In developing countries, state-backed programs encouraging LPG for cooking and heating are boosting domestic consumption, supported by tanker-based supply chains.

In developed markets, LPG provides a flexible and cost-effective alternative for industrial processes and transportation.