Gold rises as lower oil prices ease inflation fears ahead of Fed meeting
GLD•Spot gold rose 0.3% to $4,007.57 an ounce as lower oil prices eased inflation concerns ahead of the Federal Reserve’s Wednesday decision. US gold futures gained 0.4% to $4,021.80, while traders saw an 82% chance of a December rate hike.
1. Gold rebounds
Spot gold rose 0.3% to $4,007.57 per ounce by 9:23 a.m. EDT, recovering from Friday’s low of $3,975, its lowest since July 20. December US gold futures climbed 0.4% to $4,021.80 per ounce.
2. Rates and inflation
Oil prices retreated after surging last week, helping ease inflation concerns ahead of the Fed’s interest-rate decision on Wednesday. A pause is widely expected after September’s hike, while traders see an 82% chance of a rate hike in December. The US Personal Consumption Expenditures inflation data is due Thursday.
