Gold prices start the week higher

Spot gold gained 1.4% to reach $4,123.46 per ounce, while U.S. gold futures for December delivery also increased 1.4% to $4,132.70. The precious metal began the new week on a positive note after ending the previous week with gains of approximately 5%.

U.S. President Donald Trump's statement that further attacks on Iran were unlikely put downward pressure on oil prices, easing global inflation concerns. Lower energy costs and a weaker dollar supported demand for non-yielding gold. However, stronger-than-expected U.S. employment data has increased the likelihood of a Federal Reserve interest rate hike in December, posing a continued risk to gold's upward momentum. Investors are now focused on the U.S. inflation data scheduled for release on November 10.