Gold rose — erasing Friday’s decline — as falling oil prices eased inflation concerns and a recovery in Asian stocks reduced pressure on investors to sell the precious metal.

Bullion climbed as much as 1.6% to above $4,130 an ounce, resuming a modest recovery that followed last week’s US midterm elections. That rally had stalled briefly late last week, when strong US jobs data reinforced expectations that the Federal Reserve will raise interest rates in December.