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Gold prices climbed on Tuesday as a sharp decline in oil prices eased inflation concerns and reduced expectations for additional Federal Reserve interest rate hikes. A softer U.S. dollar and renewed hopes for diplomacy between Washington and Tehran also supported precious metals.
Spot gold rose 0.4% to $4,359.40 an ounce at 21:04 ET (01:04 GMT), while gold futures gained 0.3% to $4,396.85. Silver advanced 0.6% to $66.43 an ounce, and platinum rose 0.3% to $1,809.03. The U.S. Dollar Index slipped 0.03% to 100.39.
Gold's rebound followed a decline on Monday, when bullion recorded its biggest daily loss in a week. Sentiment improved after oil prices fell more than 9% over four consecutive sessions, helping ease concerns that elevated energy costs could fuel another wave of inflation.
Lower oil prices may also reduce pressure on the Federal Reserve to continue tightening monetary policy. Gold typically benefits from expectations for lower interest rates because the precious metal does not pay interest.
Investors are also watching developments surrounding the U.S.-Iran conflict. President Donald Trump is scheduled to address the United Nations General Assembly in New York on Tuesday and has said he is open to meeting Iranian President Masoud Pezeshkian. Any diplomatic progress that improves the outlook for Middle East energy supplies could further ease inflationary pressure.
Meanwhile, Federal Reserve officials have offered mixed signals on monetary policy after the central bank unanimously raised interest rates by 25 basis points last week, its first increase in three years.
Chicago Fed President Austan Goolsbee said persistent supply shocks cannot simply be ignored, while St. Louis Fed President Alberto Musalem indicated that additional rate hikes may be needed to bring inflation back toward the Fed's target.
Despite near-term pressure from higher rates, investor demand for gold remains firm. Around 50 tonnes flowed into gold-backed exchange-traded funds in September, putting ETF inflows on track for a third consecutive monthly increase.
