Gold Prices Show Notable Move To The Upside

(RTTNews) - Following the modest rebound seen during last Friday's session, the price of gold has shown a more notable move to the upside during trading on Monday.

Gold for December delivery is climbing $36.70 or 0.8 percent to $4,474 an ounce after rising $16.90 or 0.4 percent to $4,437.30 an ounce in the previous session.

The increase by the price of the precious metal comes amid a modest decrease in the value of the U.S. dollar, with the U.S. dollar index slipping by 0.1 percent.

Gold has also benefited from easing concerns about the Federal Reserve raising interest rates next month following the recent release of data showing slowing inflation and a decrease in employment.

According to CME Group's FedWatch Tool, the chances the Fed will raise rates by a quarter point at its September meeting have fallen to 32.3 percent from 52.2 percent a week ago.

However, gold prices have given back some ground amid a surge by the price of crude oil, as U.S. crude oil futures jump by 2 percent.

Crude oil futures have moved sharply higher amid indications Iran has ruled out talks with the U.S. to extend a 60-day ceasefire that expires today.

"We did not start any negotiations at all, and the U.S. violated the understanding from the very beginning; therefore, the 60-day issue is not relevant," Iran Foreign Ministry spokesman Esmail Baghaei said, according to state news agency Tasnim.