Gold Hits One-Month Peak on Lower Oil Prices

Gold prices rose to their highest level in over a month on Wednesday, driven by lower oil prices and a softer US dollar. Spot gold climbed 2.4% to $4,175.53 per ounce, its highest since July 7.

The decline in crude oil prices has eased concerns about inflation, which can shape expectations of higher interest rates. Lower oil prices make greenback-priced metals more attractive to holders of other currencies.

Market analysts believe that gold's relation with oil is still intact, and lower oil prices could lead to higher gold prices if tensions continue to de-escalate.