Hanoi:Spot gold prices increased by 0.3 percent to $4,206.01 per ounce, reaching their highest level since October 2, while US gold futures for December delivery also rose by 0.3 percent to $4,230.40.
According to Oman News Agency, the rise in gold prices is attributed to a weaker US dollar and declining oil prices. Investors are keenly anticipating the release of significant US inflation data this week, which could provide insights into the Federal Reserve's upcoming monetary policy decisions.
The US Consumer Price Index (CPI) report is expected on Wednesday, followed by the Producer Price Index (PPI) and retail sales data on Thursday. Market participants are closely watching these reports as they gauge the likelihood of future interest rate hikes. The CME's FedWatch tool indicates a 17 percent probability of a rate hike in October, with an 86 percent probability of an increase by next December.
Other precious metals also saw gains, with spot silver rising 0.5 percent to $61.12 per ounce, platinum increasing by one percent to $1,704.70, and palladium climbing 1.2 percent to $1,161.81.