2024-01-11 04:26:13
Gold rose on Thursday, while the dollar continued to decline ahead of inflation data in the United States scheduled to be published later today, which would provide more indications regarding the path that the Federal Reserve (the US central bank) may follow for monetary policy during this year.
Gold in spot transactions increased 0.3 percent to $2,028.78 per ounce by 0322 GMT, and US gold futures rose 0.3 percent to $2,033.00.
The dollar index fell 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 CPI data in the United States looms on the horizon, and “speculators may take a cautious approach” before the expected publication.
Lower interest rates reduce the opportunity cost of holding non-yielding bullion. As for other precious metals, silver rose in spot transactions 0.5 percent to $22.96 per ounce, palladium gained 0.8 percent to $1006.84, while platinum settled at $919.15.
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