Silver rose 0.59% to $25.02 an ounce
Gold prices increased with the decline of the dollar, today, Tuesday, following declining more than 1% in the previous session, while investors await this week US inflation data that may affect the course of monetary policy of the Federal Reserve (US Central Bank).
Spot gold rose 0.48% to $2,000.98 an ounce by 07:17 GMT. And US gold futures increased 0.52% to 2014.2 dollars.
The dollar index fell 0.1%, making the yellow metal cheaper for buyers of other currency holders, according to Archyde.com.
Investors are awaiting US consumer price data, which is scheduled to be released tomorrow, Wednesday, in search of more clarity on the direction of interest rates during the US Central Bank’s monetary policy meeting in May.
A strong employment report in the United States released on Friday raised bets that the US central bank will raise interest rates next month, with the market expecting a 71.3% increase of 25 basis points, according to CME’s Videowatch service.
The opportunity cost of holding non-yielding gold rises as interest rates rise to curb inflation.
As for other precious metals, silver rose 0.59% to $25.02 an ounce, while platinum increased 0.87% to $1006.02, and palladium rose 1.06% to $1438.58.
