Spot gold rose 0.4% to $4,181.84 per ounce, while U.S. gold futures gained 0.5% to $4,202.70. Softer oil prices eased some inflation concerns as investors assessed the Federal Reserve’s interest-rate outlook ahead of next week’s meeting and PCE data.
Spot gold rose 0.4% to $4,181.84 per ounce by 0741 GMT on Monday, and December U.S. gold futures gained 0.5% to $4,202.70. Oil prices slipped from a five-month high after investors took profits following President Donald Trump’s waiver of sanctions and tariffs on Russia, which may lead to more Russian fuel exports.
Lower oil prices eased some inflation concerns after strong U.S. CPI and PPI readings last week, driven in part by higher gasoline costs. Traders are awaiting next week’s Federal Open Market Committee meeting and PCE data; the CME FedWatch Tool showed a 15% chance of a rate hike this month and an 89% chance of an increase in December.
Silver rose roughly 1% to $57.53 per ounce, platinum gained 1.3% to $1,651.67 and palladium climbed 1.4% to $1,127.59. The International Monetary Fund said on Friday that the European Central Bank is likely to raise interest rates by 25 basis points at least one more time this year to fight inflation.
