Gold prices fell as rising oil prices fueled inflation concerns
Gold prices rose on Monday as lower oil prices helped ease inflation concerns, while investors awaited the Federal Reserve’s monetary policy decision later this week. 
The dollar index, which measures the US currency against a basket of six major currencies, fell 0.15% to 101.66 points.
The gains came after gold posted a weekly decline of more than 4% on Friday, its steepest weekly loss since June, Reuters reported.
Traders widely expect the Federal Reserve to leave interest rates unchanged at its monetary policy meeting this week, while the probability of a rate hike in December stands at 75%.
Markets are awaiting the Fed’s meeting scheduled for Oct. 27-28. US personal consumption expenditures (PCE) data, a key inflation gauge closely monitored by the central bank as it seeks to achieve its 2% inflation target, are also due the day after the meeting.
Changes in precious metals prices
Metal
Price ($/oz)
Change ($)
Change (%)
Gold(December delivery)
4,028.50
+20.60
+0.50%
Gold(spot)
4,013.89
+17.79
+0.45%
Silver (Decemberdelivery)
54.33
+0.38
+0.70%
Silver (spot)
54.285
+0.40
+0.75%
Platinum (spot)
1553.01
(0.30)
—
Palladium (spot)
1051.51
+4.40
+0.40%
Gold prices fell as rising oil prices fueled inflation concerns
Gold prices rose on Monday as lower oil prices helped ease inflation concerns, while investors awaited the Federal Reserve’s monetary policy decision later this week.
The dollar index, which measures the US currency against a basket of six major currencies, fell 0.15% to 101.66 points.
The gains came after gold posted a weekly decline of more than 4% on Friday, its steepest weekly loss since June, Reuters reported.
Traders widely expect the Federal Reserve to leave interest rates unchanged at its monetary policy meeting this week, while the probability of a rate hike in December stands at 75%.
Markets are awaiting the Fed’s meeting scheduled for Oct. 27-28. US personal consumption expenditures (PCE) data, a key inflation gauge closely monitored by the central bank as it seeks to achieve its 2% inflation target, are also due the day after the meeting.
Changes in precious metals prices
Metal
Price ($/oz)
Change ($)
Change (%)
Gold(December delivery)
4,028.50
+20.60
+0.50%
Gold(spot)
4,013.89
+17.79
+0.45%
Silver (Decemberdelivery)
54.33
+0.38
+0.70%
Silver (spot)
54.285
+0.40
+0.75%
Platinum (spot)
1553.01
(0.30)
—
Palladium (spot)
1051.51
+4.40
+0.40%
