Gold prices edged higher on Tuesday as the dollar weakened, with investors focused on upcoming inflation data that could shape expectations for the US Federal Reserve’s next monetary policy move.
اضافة اعلان
Spot gold rose 0.3% to $4,418.79 an ounce by 0048 GMT, while US gold futures for December delivery fell 0.3% to $4,464.80.
The dollar index declined 0.3%, making dollar-denominated metals less expensive for buyers holding other currencies.
The US Producer Price Index (PPI) is due to be released Thursday, followed by Consumer Price Index (CPI) data on Friday.
Gold prices fell on September 4 after data showed a sharp acceleration in US job growth in August, while the unemployment rate held steady at 4.1%.
According to CME Group’s FedWatch Tool, traders currently see a 60% probability of an interest-rate hike at the Federal Reserve’s policy meeting next week.
Although gold is widely viewed as a hedge against inflation, higher interest rates reduce the appeal of the non-yielding metal.
Deutsche Bank now expects the European Central Bank to raise interest rates by 25 basis points in December, in addition to the increase expected in September, as persistent risks in the energy sector continue to weigh on inflation expectations.
On the geopolitical front, Iran has threatened to respond to any new US attacks targeting its assets, warning that energy infrastructure across the Gulf region could be at risk, including US interests in the oil and gas sectors.
Among other precious metals, spot silver rose 0.3% to $66.34 an ounce, platinum gained 0.6% to $1,836.97, and palladium rose 0.9% to $1,401.47.
