Gold rises to $4,009.87 after oil drop eases inflation concerns
Gold prices nudged higher on Monday after oil prices dropped, which helped ease some inflation worries.
Spot gold rose 0.4% to $4,009.87 per ounce, bouncing back from a recent dip, while US gold futures for December matched that gain at $4,023.50.
The shift comes as oil fell from near six-month highs late last week, with ongoing attacks on Saudi Arabia keeping supply concerns in focus.
Investors eye Fed meeting and PCE
All eyes are now on the Federal Reserve's meeting this week; most expect interest rates to stay put for now, but there's a strong chance of a hike in December (about 75%, according to CME's FedWatch Tool).
Investors are also watching upcoming US Personal Consumption Expenditures data closely; since it's the Fed's go-to inflation measure, any surprises could shake up future rate decisions and gold prices down the line.