Gold rises over 1% as softer oil prices ease inflation worries

Gold advanced on Monday as weaker oil prices reduced inflation concerns, with spot bullion up 1.4% to $4,123.46 an ounce by 0428 GMT. December US futures also added 1.4% to $4,132.70, after bullion had gained about 5% last week, Business Recorder reported.

Oil eased after US President Donald Trump said further strikes on Iran were unlikely while talks continued, helping calm concerns over supply disruption. A softer dollar also supported gold, although October US employment figures strengthened expectations of a December Federal Reserve rate increase: traders put the odds at 81%, compared with 71% before the jobs release. Investors are now watching US CPI on Tuesday and PPI on Friday for clues on the Fed's next move. Silver, platinum and palladium also rose, by 2.5%, 1.3% and 2.1%, respectively.