Gold nears October high as dollar and oil steer markets

Gold prices rose today, Monday, supported by a weakening dollar and falling oil prices, amid market anticipation of U.S. inflation data due to be released this week, which will clarify the Federal Reserve's monetary policy direction. Spot gold reached approximately $4,206 per ounce, marking its highest level since October 2nd, while December futures contracts climbed to $4,230. The increase came alongside a decline in the dollar, making the precious metal cheaper for buyers using other currencies, with expectations of increased Russian oil supplies following the announcement of a ceasefire between Russia and Ukraine. Markets are also awaiting the release of U.S. Consumer Price Index (CPI) data on Wednesday, followed by producer price and sales figures, to gauge the impact of inflation on interest rate hike decisions. Probabilities of interest rate increases are currently at 17% in October and 86% in December. In addition to gold, other precious metals also saw gains: silver rose to $61.12 per ounce, platinum to $1,704.70, and palladium to $1,161.81.

articleDetails.fontSize.sizeحجم النص

تنويه: هذا ملخص تم إنشاؤه بواسطة الذكاء الاصطناعي

عرض المقال بالكامل