Gold Edges Higher As Inflation Concerns Ease

Gold prices traded higher on Monday as inflation concerns eased ahead of U.S. midterm elections.

Spot gold rose 0.6 percent to $3,899.59 an ounce after plummeting 3.7 percent in the previous session to hit a one-year low. U.S. gold futures were up 0.2 percent at $3,907.15.

The precious metal slumped 6.8 percent last month, marking its worst October performance since 2008.

Falling oil prices helped ease inflation concerns. Brent crude futures slumped more than 4 percent as ongoing discussions involving Iranian officials and Qatari mediators have raised hopes of possible breakthrough that could ease supply concerns and improve the outlook for global energy markets.