Gold prices up on dollar’s decline before inflation data release

Gold prices rose today, Thursday, supported by the decline in the dollar, while investors await US inflation data, which may affect the path of the Federal Reserve (US Central Bank) regarding interest rates.

By 0650 GMT, gold in spot transactions increased 0.4 percent to 1883 dollars an ounce, and US gold futures rose 0.4 percent to 1886.30 dollars an ounce.

According to Reuters, the dollar index is hovering near its lowest level in seven months, and the yield on US Treasury bonds has declined. The decline in the dollar increases the attractiveness of the dollar-denominated metal to holders of other currencies

Ajay Kedia, director at Kedah Commodities in Mumbai, said, “Gold prices are getting a lot of support from the weaker dollar. But from a technical point of view, the bullion is witnessing some resistance around the levels of $ 1880, and therefore it has been locked in a narrow range for several days.

Investors’ focus remains on the US CPI data due at 1330 GMT.

As for other precious metals, silver rose 0.8 percent to $23.61 an ounce. Platinum fell 0.2 percent to $1,068.81 an ounce, while palladium rose 0.7 percent to $1,786.85 an ounce.