Baku:Gold prices experienced a significant rally, increasing by more than 1% on Monday. This uptick extends the recent upward trend as investors anticipate the US inflation data, which could provide new insights into the future of interest rates and the Federal Reserve's monetary policy.

According to Qatar News Agency, spot gold rose by 1.6% to reach $4,129.69 an ounce. Similarly, US gold futures for December delivery saw a 1.6% increase, climbing to $4,139.

The recent gains follow a strong performance last week, where gold saw a rise of approximately 5% amid supportive market sentiment. In other areas of the precious-metals market, spot silver increased by 2.8% to $53.31 an ounce. Additionally, platinum grew by 1.6% to $1,556.14, while palladium rose by 2.1% to $1,044.28.