Gold increased for a third consecutive session on Tuesday as concerns regarding a potential U.S. interest rate hike next month diminished, with investors looking forward to the minutes from the Federal Reserve’s most recent meeting for new insights on the trajectory of monetary policy. Spot gold increased by 0.2% to $4,424.28 per ounce as of 0130, while U.S. gold futures for December delivery also rose by 0.2% to $4,480.90. The U.S. dollar remained near multi-month lows against the majority of major currencies. A weaker U.S. currency renders dollar-priced metals more affordable for holders of alternative currencies.

Gold is extending its gains “after last week’s ⁠soft U.S. economic ‌data, which has raised hopes that the Fed ​will keep rates on ​hold this year,” analyst Tony Sycamore ⁠said. Bullion typically exhibits strong performance in a low-interest-rate environment, as this scenario diminishes the opportunity cost associated with holding non-yielding assets. The U.S. central bank is expected to maintain its key interest rate at the current level next month and throughout the remainder of the year, as indicated by the majority of economists surveyed in a poll.

Market pricing for a September quarter-point hike shifted to a nearly 65% probability of a hold following unanticipated job losses in July, lower-than-expected consumer price inflation, and subdued retail sales. Market attention will be directed toward the minutes of the Federal Reserve’s latest policy meeting, scheduled for release on Wednesday. “Additionally, ​gold appears to be ⁠regaining its safe-haven status as hawkish rhetoric from Iran helped gold brush off higher yields,” Sycamore said.

Iran will adopt a “fully offensive” military posture as negotiations for a permanent resolution to the conflict with the U.S. have reached an impasse, according to a senior Iranian official, while Washington has dismissed the possibility of extending a temporary ceasefire agreement. Among other metals, spot silver increased by 0.9% to $66.40 per ounce. Platinum rose by 0.2% to $1,772.75, whereas palladium decreased by 0.3% to $1,330.05.