Gold Rises 0.85% to $4,041.90 as U.S.-Iran Tensions Offset Qatar Mediation Hopes

Gold prices advanced Monday, recouping part of two sessions of losses, as investors weighed Qatar's mediation visit to Iran against reports that U.S. forces could launch fresh strikes within 96 hours of an order from President Donald Trump. Front-month Comex gold for December delivery rose $34.00, or 0.85%, to $4,041.90 per troy ounce. December silver gained $0.386, or 0.72%, to $54.335 per troy ounce. The U.S.-Israeli war on Iran is entering its ninth month. CNN reported Monday that U.S. forces in the Middle East are preparing potentially major operations, while the New York Times said joint U.S.-Israeli strikes could follow November's midterm elections. Iran's Foreign Ministry said a Qatari delegation visited Sunday, joined by officials from Saudi Arabia, Turkey and Pakistan for regional security talks. The Chicago Fed National Activity Index rose to 0.07 in September from -0.08. The dollar index traded at 101.90, up 0.09%. Markets price a 10.50% chance of a quarter-point Fed hike Wednesday, with 89.50% odds of a hold.