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Gold price rose Monday, as a weaker dollar lifted the metal from recent lows.

Gold for December delivery was up 0.4% at $1,213.40 a troy ounce on the Comex division of the New York Mercantile Exchange.

The Wall Street Journal Dollar Index, which weighs the U.S. currency against a basket of 16 others, was recently down 0.5% at 91.18. Gold is priced in dollars and becomes more affordable to foreign buyers when the currency declines.

Monday's move came on the heels of a 4.7% decline in gold prices this month, as fading political uncertainty and increasing expectations that the Federal Reserve will soon raise interest rates dragged the metal to its lowest level since February, according to Dow Jones.

Gold pays nothing to its holders and struggles to compete with yield-bearing investments when rates rise.

Russian President Vladimir Putin believes that OPEC may agree to freeze the oil output.

"I can not say 100% if there will be an agreement, but it is a strong likelihood that it will be achieved", - the Russian leader said at a press conference after the APEC summit.

Goldman Sachs analysts have revised the forecast for oil prices in 2017. The bank's experts have raised expectations for WTI to $ 55. Goldman Sachs simulate the situation of a production cut from OPEC and the partial freeze of production in Russia.

This morning, the New York futures for Brent increased by 1.56% to $ 47.59 and WTI rose by + 1.57% to $ 47.09 per barrel. OPEC slightly worsened the outlook for global oil demand next year by -0.01 million barrels per day, compared with the October forecast, to 95.55 million barrels. The forecast worsened as a result of a decrease in supply from the United States, Mexico, Norway, the UK, Malaysia, Kazakhstan and China.