Gold rose 0.5 percent to $4,064.35 an ounce Monday as falling crude prices tempered inflation concerns, with US December futures up 0.25 percent at $4,117.45. The metal gained about 1 percent in July, its first positive month after five straight declines, as investors await a packed week of US labor data.
Gold rose 0.5 percent to $4,064.35 an ounce Monday, holding a range-bound stretch as falling crude tempered inflation concerns and cooled expectations of Federal Reserve tightening.
Spot gold gained $21.68, while US December futures advanced 0.25 percent to $4,117.45, according to exchange data. The metal has traded in a band over recent weeks as investors weigh the rapidly shifting Middle East situation against US monetary policy expectations.
Prices drew support as oil slid after President Donald Trump postponed fresh strikes on Iran, saying Tehran and other Middle Eastern nations sought time to reach a deal on the "Immediate, Complete and Total" reopening of the Strait of Hormuz. The dollar index retreated to its lowest since mid-June, and 10-year Treasury yields eased, burnishing the appeal of the non-yielding metal.
Gold gained about 1 percent in July, its first positive month after five consecutive monthly declines. A packed week of US labor data — job openings, weekly jobless claims and the ADP employment report — is the next test for Fed policy expectations, with markets pricing about a 68 percent chance of a 25-basis-point rate hike in September after three officials dissented at last week's policy meeting.
In India, 24-carat gold quoted at ₹14,422 per gram and 22-carat at ₹13,220, with MCX August futures up 0.31 percent at ₹1,41,950 per 10 grams. The India Bullion and Jewellers Association listed 999-purity gold at ₹1,42,860 per 10 grams in the July 31 evening session.
Among other precious metals, spot silver rose 1 percent to $58.18 an ounce, platinum gained 0.3 percent to $1,647.25, and palladium advanced 0.5 percent to $1,280.25.
This article is for informational purposes only and does not constitute investment advice.
