Gold prices rose to around $4,240 per ounce on Monday, its highest in five weeks, driven by rising expectations of a US interest rate cut later this month. A series of dovish remarks from Federal Reserve officials, along with weak economic following the longest US government shutdown, have fueled expectations that the Fed may lower rates again. Markets are currently pricing in an 87% probability of a 25bps reduction. Investors are closely watching US manufacturing and private payroll data due later this week, for further signals on the likelihood of a Fed rate cut before its policy meeting. Gold has recorded gains in nearly every month this year, positioning it for its best annual performance since 1979. The metal’s ascent has been supported by elevated central-bank purchases and strong inflows into ETFs, which helped push prices to a record high above $4,380 per ounce last month.