Spot gold rose 0.4 percent to $4,055.36 per ounce as the dollar weakened to its lowest since mid-June. Meanwhile, oil prices fell more than $4 a barrel on hopes of a US-Iran deal, easing inflation pressure and expectations of Fed rate hikes. US gold futures gained 0.2 percent to $4,054.20 per ounce. Analysts at UBS noted that the weaker dollar and lower 10-year US Treasury yields provided additional support. Investors are watching US nonfarm payrolls data this week, which could further influence the Fed's monetary policy direction.
UBS Group AGWeaker dollar and lower Treasury yields mentioned as support for gold, implying yields are down.