Gold climbs to $4,180 on cooler oil prices

Spot gold rose 0.36% to $4,179.81 an ounce on Monday, according to Mettis Global. Traders were weighing the chance of a rate increase from the US Federal Reserve later this year and searching for fresh policy signals.

Crude prices fell after US President Donald Trump set aside sanctions and tariffs on Russia, a step that could allow more Russian fuel exports. CNBC reported that US import prices rose by more than forecast in September, led by pricier energy items and assorted other goods, pointing to rising inflation pressure as the Middle East conflict continues.

Investors are now focused on the Federal Open Market Committee meeting and the PCE inflation reading due next week, a gauge the Fed watches as it aims for 2% inflation. CME FedWatch Tool pricing put the chance of a rate increase this month at 16% and a hike by December at 92%. Among other metals, silver gained 0.9% to reach $57.54 an ounce, platinum edged up 0.7% to $1,642.29 and palladium climbed 1.5% to $1,129.13.