Gold gains as investors await US retail sales data

Gold prices rose today, Tuesday, as the dollar fell, approaching its lowest level in more than a year, while dealers await retail sales data in the United States to see its impact on the monetary policy of the Federal Reserve (US Central Bank).

According to Reuters, gold in spot transactions rose 0.3 percent to $1959.54 an ounce by 0359 GMT, while US gold futures rose 0.4 percent to $1963.70.

The dollar fell to its lowest level in more than a year. The decline in the dollar makes the precious metal less expensive for holders of other currencies

Christopher Wong, executive director and foreign exchange strategist at OCBC, said that although the upcoming US central meeting may dispel gold’s attractiveness, “the Fed is close to ending the monetary tightening cycle.”

As for other precious metals, silver rose in the spot market 0.1 percent to $ 24.87 an ounce, while platinum increased 0.7 percent to $ 982.43, and palladium jumped 1.1 percent to $ 1298.30.