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Gold prices rose on Monday, supported by a softer dollar and lower oil prices, as investors await key US inflation data due this week for clues regarding the Federal Reserve's next monetary policy move.
​By 02:53 GMT, spot gold increased by 0.3% to $4,206.01 per ounce, after touching its highest level since October 2 earlier in the day. US gold futures for December delivery also rose 0.3% to $4,230.40.
​Tim Waterer, chief market analyst at KCM Trade, said: "The fall in oil prices following reported news of Trump declaring an energy ceasefire between Russia and Ukraine, combined with a softer dollar, has provided an opportunity for gold to move higher."
​He added: "With oil prices falling, some of the immediate worry surrounding inflation and interest rates is dissipating from the market, which supports gold from a yield perspective."
​US President Donald Trump unexpectedly announced an energy ceasefire between Russia and Ukraine on Sunday, stating that it takes effect immediately, though Ukrainian President Volodymyr Zelenskyy noted he is still awaiting details of the agreement. Oil prices declined on expectations of increased Russian supplies.
​The US dollar stabilized, rendering dollar-denominated gold less expensive for buyers holding other currencies.
​While gold is traditionally viewed as a hedge against inflation, higher interest rates tend to diminish the appeal of non-yielding bullion.
​Markets are now awaiting the US Consumer Price Index (CPI) report on Wednesday, followed by the Producer Price Index (PPI) and retail sales data on Thursday.
​According to the CME FedWatch tool, traders see a 17% probability of an interest rate hike in October and an 86% probability of a rate increase by December.
​Among other precious metals, spot silver gained 0.5% to $61.12 per ounce, platinum rose 1% to $1,704.70, and palladium increased 1.2% to $1,161.81.
​Reuters