2024-01-11T05:03:45+00:00
A-
A
A+
/ Gold prices recorded an increase in early trading on Thursday, while the dollar continued to decline ahead of inflation data in the United States scheduled to be published later today.
These data would provide more indications about the path that the Federal Reserve (the US central bank) may follow for monetary policy during this year.
The dollar index fell by 0.1 percent, declining for the second session, which increases the attractiveness of the precious metal for holders of other currencies.
Matt Simpson, chief analyst at City Index, said that the publication of US CPI data looms on the horizon and “speculators may take a cautious approach” ahead of the upcoming publication.
Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
Gold in spot transactions increased by 0.3 percent to $2,028.78 per ounce, by 0322 GMT, and US gold futures rose by 0.3 percent to $2,033.00.
As for other precious metals, silver rose in spot transactions by 0.5 percent to $22.96 per ounce, palladium gained 0.8 percent to $1006.84, while platinum settled at $919.15 per ounce.