Gold prices increase at session start
Gold prices rose today, Monday, supported by a weakening dollar and declining oil prices, as investors await U.S. inflation data that will determine the upcoming direction of the Federal Reserve's monetary policy. Spot gold increased by 0.3% to reach $4,206.01 per ounce, the highest since October 2nd. December U.S. futures also rose to $4,230.40. This increase coincided with Trump announcing a ceasefire in the energy sector between Russia and Ukraine, alongside expectations of increased Russian supplies, which led to a drop in oil prices and stabilized the dollar, thereby supporting the rise of the precious metal. Market forecasts indicate that U.S. Consumer Price Index data will be released on Wednesday, with a high likelihood of an interest rate hike in December. Meanwhile, other precious metals experienced modest gains.
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