Gold edges higher as oil price drop calms inflation worries
Gold prices got a small boost on Monday after oil prices fell, which helped calm some inflation worries.
Spot gold ticked up 0.3% to $4,175.60 per ounce, while US gold futures for December were also slightly higher.
Tim Waterer, chief market analyst at KCM Trade, pointed out that lower oil prices are positive for gold from an inflation standpoint.
Investors await Fed meeting on rates
Investors are now waiting for the Federal Reserve's upcoming meeting, where decisions about US interest rates could shake things up.
There's a slim chance of a rate hike this month (16%), but a much bigger one in December (92%), according to CME's FedWatch Tool.
Meanwhile, oil dropped after President Trump waived sanctions on Russia (possibly leading to more Russian fuel exports), which could impact both inflation and how attractive gold looks as an investment if rates go up.