Gold climbs 1.3% to a one-week high as oil prices fall

Gold rose to a one-week high as falling oil prices reduced near-term inflation concerns and eased pressure on long-dated U.S. Treasury yields, supporting non-yielding assets. However, Fed commentary and market-implied odds of further rate hikes keep policy risk in focus, limiting upside enthusiasm. Physical demand signals were mixed, with sluggish India buying and subdued China activity during holidays.