Gold edges higher as softer oil eases inflation woes
GLD•Spot gold rose 0.4% to $4,182.30 per ounce as softer oil prices eased inflation concerns. Traders priced in a 13% chance of a rate hike this month and an 89% chance of an increase in December.
1. Gold gains on softer oil
Spot gold rose 0.4% to $4,182.30 per ounce by 0455 GMT, while U.S. gold futures for December delivery gained 0.5% to $4,203.50. An analyst said softer oil prices supported gold from an inflation standpoint.
2. Investors assess rate outlook
Oil prices slipped after U.S. President Donald Trump waived sanctions and tariffs on Russia, which may lead to more Russian fuel exports. Investors are awaiting the Federal Reserve’s interest-rate meeting and U.S. personal consumption expenditures data next week. Traders priced in a 13% chance of a rate hike this month and an 89% chance of an increase in December.
