Gold prices up as dollar falls ahead of US inflation data

Gold prices rose today, Thursday, supported by the dollar decline, but it is moving within a relatively narrow range, amid caution ahead of the publication of US inflation data that may affect the future decisions of the Federal Reserve (the US Central Bank) regarding raising interest rates.

According to “Reuters”, gold in spot transactions rose 0.3 percent to $ 1710.62 an ounce by 0521 GMT. Meanwhile, US gold futures settled at $1713.70

The dollar index fell 0.3 percent. The decline of the US currency makes gold priced in dollars more attractive to holders of other currencies

The US CPI report for October is due at 1330 GMT. Experts expect a decline in the core inflation rate on a monthly and annual basis.