Gold Prices Soar as Oil Dips Amid Easing Inflation Fears

Gold prices rose to $4,087.79 per ounce on Monday, an increase of 0.9 percent from the previous day's close.

This price hike comes as oil prices dropped more than four percent, easing inflation concerns and reducing expectations for higher US interest rates.

Tim Waterer, senior market analyst at KCM Trade, attributes gold's rise to the current coordinated movements in oil prices and the dollar.

The dollar index fell 0.3 percent, making gold more affordable for foreign buyers.

In contrast, the Federal Reserve's upcoming policy meeting on July 28-29 is seen as a potential catalyst for interest rate changes, with investors pricing in a 76 percent chance of a rate hike in September.