Ammon News - Gold hit a more than four-month high on Monday, as increased bets for a U.S. 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.

By 0238 GMT, spot gold rose 0.7% to $3,470.69 per ounce, hitting its highest since April 23. U.S. gold futures for December delivery gained 0.8% to $3,543.70.

Spot silver rose 1.6% to $40.31 per ounce, the highest since September 2011.

Elsewhere, platinum gained 0.9% to $1,376.95 and palladium climbed 0.8% to $1,118.12. Reuters