Gold climbs to $4,180 on cooler oil prices

October 19, 2026 (MLN): Gold prices inched up on Monday, supported by a pullback in crude oil, as market participants gauged the likelihood of a U.S. Federal Reserve rate hike later this year and searched for new cues on the central bank’s policy path.

Currently, spot gold is up 0.36% to $4,179.81  an ounce as of [10:02 am] PST, according to data reported by Mettis Global.

Oil prices softened after U.S. President Donald Trump waived sanctions and tariffs on Russia, a move that could open the way for higher Russian fuel shipments.

On the data front, U.S. import prices climbed by more than projected in September, driven by costlier energy products and a broad range of other goods.

The reading added to signs of building inflation pressure as the conflict in the Middle East drags on, according to CNBC.

Traders are now looking ahead to the Federal Open Market Committee’s policy meeting and next week’s Personal Consumption Expenditures (PCE) data, the price gauge the Fed follows in pursuit of its 2% inflation goal.

Pricing on the CME FedWatch Tool shows a 16% probability of a rate increase this month and a 92% probability of a hike by December.

In Europe, the International Monetary Fund said on Friday that the European Central Bank is likely to lift rates by 25 basis points at least once more this year to contain inflation.

Among other precious metals, spot silver rose 0.9% to $57.54 per ounce, platinum added 0.7% to $1,642.29, and palladium advanced 1.5% to $1,129.13.

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