Gold Futures Settle Above $4,100 as Oil Prices Ease Inflation Fears

Gold futures settled above $4,100 an ounce Monday, gaining as lower oil prices eased inflation concerns and a weaker U.S. dollar extended the metal’s post-election advance.

Investor expectations that a Democratic-controlled Congress would press to end the Middle East war also supported gold. Gold and silver also gained after Democrats were projected to win House control.

Stronger-than-expected U.S. payrolls data raised concerns about further interest rate increases, which can weigh on gold because it pays no interest. Traders put the chance of a December rate hike at 82%.