Gold prices rise ahead of US inflation data release

U.S. stocks rose slightly on Wednesday as the dollar weakened and investors focused on key U.S. inflation data, due out later in the day, with interest rates picking up signs of nearing a peak.

Spot gold was up 0.1% at $2005.18 an ounce by 0051 GMT, while US gold futures were up 0.1% at $2020.10.

The dollar index fell 0.1 percent, making the precious metal cheaper for holders of other currencies.

All eyes are on US CPI data at 1230 GMT for a clue on the path of US interest rates.

Philadelphia Fed President Patrick Harger said Tuesday he still believes the U.S. central bank will need to raise interest rates above 5 percent and keep them at that level to rid the economy of deflation.

A strong employment report in the US last week challenged the Federal Reserve to raise interest rates next month. CME Group’s VideoWatch service said markets expect 68.9% of interest rates to rise by 25 basis points.

Gold is seen as a haven against inflation, but high interest rates are reducing the attractiveness of the low-yielding metal.

In other precious metals, silver was at $25.06 an ounce, platinum was up 0.3 percent at $997.49, and palladium was up 0.7 percent at $1,456.08.

See also  Spectral Imaging Sensor: Global Market, Value, Growth Rate, Key Player Analysis, Demands, Trends and Forecasts for 2031
  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 72 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space