Gold gains on weaker oil and dollar; US inflation data in focus
GLD•Gold rose 0.1% to $4,198.19 an ounce as lower oil prices and a softer dollar supported prices ahead of US inflation data. Traders priced in a 17% chance of an October rate hike and an 86% chance of an increase by December.
1. Gold edges higher
Spot gold rose 0.1% to $4,198.19 per ounce by 0432 GMT, after reaching its highest level since October 2 earlier in the session. US gold futures for December delivery gained 0.1% to $4,221.80.
2. Inflation data in focus
Investors awaited the US Consumer Price Index report on Wednesday, followed by the Producer Price Index and retail sales data on Thursday. Traders saw a 17% chance of a rate hike in October and an 86% probability of an increase by December. Oil prices fell on expectations of increased Russian supplies after US President Donald Trump announced an energy ceasefire between Russia and Ukraine; Ukrainian President Volodymyr Zelenskiy said he was still waiting for details.
3. Other metals rise
Silver gained 0.4% to $61.02 per ounce, platinum rose 0.8% to $1,701.40, and palladium climbed 0.8% to $1,156.81. A softer dollar also made gold, which is priced in dollars, more affordable for buyers using other currencies.
