Gold price rose on a weaker U.S. dollar. The U.S. dollar declined after the release of the weaker-than-expected U.S. trade deficit. The U.S. trade deficit widened to $48.33 billion in August from $41.81 billion in July, missing expectations for a rise to $47.4 billion. July's figure was revised down from a deficit of $41.90 billion.

Exports declined 2% in August, while imports increased 1.2%.

The International Monetary Fund (IMF) lowered its global growth forecasts for this year and next. The global economy is expected to expand 3.1% in 2015, down from the previous estimate of 3.3%, and 3.6% in 2016, down from the previous estimate of 3.8%.

December futures for gold on the COMEX today increased to 1150.20 dollars per ounce.