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Gold rises over 1% as softer oil prices ease inflation worries

On Monday, spot gold climbed 1.4% to $4,123.46 per ounce, while US gold futures for December delivery rose 1.4% to $4,132.70, extending a 5% weekly gain.
President Donald Trump said fresh Iran attacks were "highly unlikely" as talks to resolve the Middle East conflict continued, prompting West Texas Intermediate futures to slip more than 3% to $87 per barrel.
Traders currently see an 81% chance the Federal Reserve will raise rates in December, up from 71% prior to October's payrolls data, according to CME's FedWatch tool.
Market participants now await Consumer Price Index data due Tuesday and Producer Price Index figures on Friday, which analyst Nikos Tzabouras said will be "pivotal for gold's trajectory."
Persistent inflation would bolster the case for further Fed tightening and weigh on bullion, while any downside surprise could fuel a further rebound, according to analysts.

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aljazeera.net

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