Gold Prices Rise Toward $4,420 as Dollar Weakens Ahead of U.S. Inflation Data
Gold prices climbed toward $4,420 an ounce on Thursday due to a weakening U.S. dollar and anticipation ahead of key inflation data that may influence the Federal Reserve's next interest-rate decision. At around 02:40 ET, spot gold rose by 0.4% to $4,418.87 per ounce while gold futures edged up slightly. Silver also gained ground with a 0.5% increase, whereas platinum dipped due to mixed market sentiment. The U.S. Dollar Index fell to 98.74 as higher Treasury yields and ongoing geopolitical tensions in the Middle East continued to impact precious metals markets. Gold has remained near $4,400 since recovering from a July low of around $4,000 amid reassessments of monetary policy expectations. Investors are closely watching Thursday's Producer Price Index (PPI) data and Friday’s Consumer Price Index (CPI), with swaps markets pricing in about a 65% chance for an interest-rate hike this month. Additionally, global gold-backed ETFs saw record inflows of $18 billion during August.
Topics: gold inflation_data platinum silver us_dollar