Gold gains on weaker oil and dollar; US inflation data in focus
GLD•Gold rose 0.3% to $4,206.01 an ounce as a softer dollar and lower oil prices supported bullion 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 rises
Spot gold was up 0.3% at $4,206.01 per ounce on Monday, after reaching its highest level since October 2 earlier in the session. US gold futures for December delivery gained 0.3% to $4,230.40.
2. Oil and dollar ease
A softer dollar and lower oil prices supported gold. Oil prices fell after Donald Trump announced an energy ceasefire between Russia and Ukraine; Ukrainian leader Volodymyr Zelenskiy said he was still waiting to see details of the deal.
3. Inflation data awaited
Investors are awaiting US consumer price data on Wednesday, followed by producer price and retail sales data on Thursday. Traders saw a 17% chance of an October rate hike and an 86% probability of an increase by December.
