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Gold Gains as Oil Drops and US Rates Approaching
Gold prices rose at the start of the week's trading, supported by a decline in oil prices and ongoing investor anticipation of the U.S. Federal Reserve's decisions regarding interest rate hikes this year. The price of gold increased by 0.3% to reach $4,175.60 per ounce in the spot market, while December futures contracts hit $4,196.40. This comes amid a dip in oil prices following Russia's exemption from certain sanctions, and U.S. imports in September rising due to higher energy costs. Markets are also awaiting upcoming inflation data, with a 92% probability of an interest rate hike in December. Many financial institutions predict that the European Central Bank will raise interest rates to help curb inflation. Additionally, other precious metals such as silver (up 0.9%), platinum (up 0.7%), and palladium (up 1.5%) also saw gains.
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