Buoyed by expectations of a further decline of the American Federal Reserve interest rates in December and by a A series of gloomy economic data fueling the fears of a Global downturn, gold prices jumped to their highest on Monday level in two weeks.

Spot gold rose 1.8% for reaching $4,070.99 per ounce at 06:43 GMT, thus recording its highest level since October 27. Gold Futures Contracts American for delivery in December grew by 1.8% to $4,079.70 per ounce According to Tim Waterer, Chief Market Analyst at KCM Trade, “gold is enjoying solid demand from investors at the start of the week, with the precious metal appreciating in the expectation of a possible fall in rates as early as next month, even if the Fed tried to minimize the likelihood.”

Elsewhere on the market, spot silver rose 2.5% to $49.52 per ounce, Platinum rose 1.3% to $1,565.22 and palladium rose by 1.1% to $1,396.37