Gold gains on weaker oil, dollar; US inflation data in focus

SENSEX 73,709.69

 -143.21

NIFTY 22,811.35

 -77.60

CRUDEOIL 9,198.00

 -113.00

GOLD 146,056.00

 -463.00

SILVER 209,226.00

 -2,259.00

SENSEX 73,709.69

 -143.21

NIFTY 22,811.35

 -77.60

NIFTY 22,811.35

 -77.60

CRUDEOIL 9,198.00

 -113.00

CRUDEOIL 9,198.00

 -113.00

GOLD 146,056.00

 -463.00

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‌US gold futures for December delivery gained 0.1% to $4,221.80

By Reuters

Updated - October 16, 2026 at 11:15 AM. Highlights

• Trump announces energy ceasefire between Russia and Ukraine
• US CPI data due on Wednesday, PPI on Thursday
• Traders price in 17 per cent chance of rate hike this month

Gold rose on Monday, ​supported by a softer dollar and lower oil ⁠prices, as investors awaited key US inflation data this week for clues on the Federal Reserve's next policy move.

Spot gold was up 0.1 per cent ‌at $4,198.19 per ounce, by 0432 GMT, after hitting its highest since October 2 earlier in the day. ‌US gold futures for December delivery gained 0.1 per cent to $4,221.80.

"Softer ‌oil ⁠prices on the back of Trump’s reported energy ceasefire ⁠between Russia and Ukraine, combined with a more subdued dollar, have given gold a window of opportunity to the upside to start the week," ​said Tim Waterer, chief ‌market analyst at KCM Trade.

"As oil eases, it takes some of the immediate inflation and interest rate anxiety out of the market, which helps gold from a yield perspective."

US President ‌Donald Trump made a surprise announcement of an energy ​ceasefire between Russia and Ukraine on Sunday that he said was "effective immediately," but Ukrainian President Volodymyr ⁠Zelenskiy said he was still waiting to see details of the deal. Oil prices fell on expectations of more Russian supplies.

The ‌US dollar was muted, making greenback-priced bullion more affordable for buyers holding other currencies.

While gold is typically seen as a hedge against inflation, higher interest rates tend to diminish the non-yielding metal's appeal.

Markets are now awaiting the US Consumer Price Index (CPI) report on Wednesday, followed by the Producer Price ‌Index (PPI) and retail sales data on Thursday.

Traders see a 17% chance of ​a rate hike in October and an 86% probability of an increase by December, according to ⁠CME’s FedWatch tool.

Meanwhile, US consumer sentiment slumped further in early October as ⁠the rising cost of living because of the Middle East conflict soured households' views of the economy.

Among ‌other metals, spot silver rose 0.4 per cent to $61.02 per ounce, platinum gained 0.8 per cent to $1,701.40 and palladium climbed 0.8 per cent to $1,156.81.

Published on October 12, 2026

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