Gold climbs as oil and dollar fall
Gold prices increased today, Monday, supported by a weak dollar and declining oil prices, as investors await key U.S. inflation data that will determine the Federal Reserve's monetary policy direction. The spot gold price reached $4,206.01 per ounce, the highest level since early October, while December U.S. futures contracts rose to $4,230.40. The pullback in oil was driven by expectations of increased Russian supplies following the announcement of a ceasefire in the energy sector between Russia and Ukraine, making gold more attractive as a safe haven. The prospect of interest rate hikes—probability reaching 86% by December—limits gold's appeal despite its status as an inflation hedge. Additionally, other precious metals, such as silver, platinum, and palladium, also saw notable gains.
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