Gold rises supported by dollar decline and focus on US inflation data

Gold prices rose on Monday, supported by a weaker US dollar and lower oil prices, as investors awaited the release of key US inflation data this week in search of clues about the Federal Reserve’s next monetary policy move.

By 02:53 GMT, spot gold rose 0.3% to $4,206.01 per ounce, after hitting its highest level since October 2 earlier in the day. US December gold futures also gained 0.3%, reaching $4,230.40.

The dollar remained steady, making dollar-priced gold more affordable for buyers holding other currencies.

Among other precious metals, spot silver rose 0.5% to $61.12 per ounce, platinum increased 1% to $1,704.70, and palladium gained 1.2% to $1,161.81.