Gold Rises over 1% as Softer Oil Prices Ease Inflation Worries
Spot gold rose 1.4% as falling oil prices eased inflation worries and traders awaited U.S. inflation reports for clues on Federal Reserve policy.
- Gold prices climbed more than 1% on Monday as inflation concerns eased and the dollar softened, while investors awaited signals regarding the Federal Reserve's policy outlook.
- Oil prices fell after President Donald Trump said he was unlikely to order further attacks on Iran, easing supply disruption concerns and relieving inflation pressure on Bullion.
- Spot prices for other precious metals rose, while resilient job growth kept unemployment at 4.1%, reinforcing expectations that the labour market remains resilient and supporting a December rate increase.
- Traders currently see an 81% chance of a Fed rate hike in December, up from 71% prior to payroll data, according to CME's FedWatch tool.
- Market participants await Consumer Price Index data on Tuesday and Producer Price Index on Friday, as Tim Waterer of KCM Trade warned, "Any hot readings would likely firm the dollar.
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14 Articles
Gold rises over 1% as softer oil prices ease inflation worries
Gold prices rose more than 1% on Monday, extending gains after surging nearly 5% last week. Spot gold climbed 1.6% to $4,129.69 per ounce by 02:20 GMT, while U.S. gold futures for December delivery also rose 1.6% to $4,139. Among other precious metals, spot silver gained 2.8% to $53.31 per ounce, platinum rose 1.6% to $1,556.14, and palladium climbed 2.1% to $1,044.28.
Gold prices rose more than 1 percent in global market trading on Monday, affected by falling oil prices and easing concerns about inflation.
Gold prices have risen by more than one percent, as lower oil prices have alleviated inflation concerns, while investors are expecting significant US inflation data and new indicators from the Federal Reserve Board (Central Bank) on monetary policy forecasts. The price of gold in immediate transactions has increased 1.6 percent to $4129.69, while I have gone up... read more.
The price of a troy ounce of gold on the COMEX commodity exchange in New York rose 1.42% to $4,132.
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