Gold prices rise as easing inflation concerns support demand
Gold edged higher as lower oil prices eased inflation concerns
Gold gained after crude oil prices fell more than 5% on Monday following US President Donald Trump's decision to freeze any new military strikes on Iran while awaiting a potential agreement, easing inflation concerns.
Meanwhile, the US dollar index, which tracks the greenback against a basket of six major currencies, fell 0.2% to 99.71.
Tim Waterer, chief market analyst at KCM Trade, said gold started the week on a relatively positive note, although gains remained limited amid ongoing uncertainty in oil markets, Reuters reported.
Markets are also awaiting the Federal Reserve's Senior Loan Officer Opinion Survey later today, which gauges banks' views on loan demand, credit quality, and liquidity conditions.
|
Changes in precious metals prices |
|||
|
Metal |
Price (USD/oz) |
Change (USD) |
Change (%) |
|
Gold (October futures) |
4,083.6 |
+7.00 |
+0.15% |
|
Gold (spot) |
4,059.60 |
+13.45 |
+0.35% |
|
Silver (September futures) |
58.32 |
+0.53 |
+0.90% |
|
Silver (spot) |
58.11 |
+0.51 |
+0.90% |
|
Platinum (spot) |
1,651.02 |
+2.64 |
+0.15% |
|
Palladium (spot) |
1,295.51 |
+12.05 |
+0.95% |
*As of 8:22 a.m. Makkah time.
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