Gold Rises as Lower Oil Prices Ease Fed Pressure
Gold prices moved higher as declining oil costs helped reduce inflation worries before the Federal Reserve meeting. Spot gold rose to 4,171.65 dollars per ounce while investors awaited upcoming inflation data.
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Gold prices edged up 0.2% to $4,171.65 per ounce on Monday morning as a retreat in Brent Crude Oil eased inflation pressures. The uptick comes ahead of the United States central bank meeting, where borrowing costs are expected to stay unchanged. Safe-haven demand is supporting bullion despite a simultaneous strengthening of the greenback.
