- Gold prices rose globally for the third consecutive session today, Thursday, as investors awaited US inflation data due later today, in search of more indications about the path the Federal Reserve will adopt regarding interest rates.
- Spot gold rose 0.2% to $2,375.70 an ounce, while US gold futures rose 0.1% to $2,381.30.
- The dollar has fallen, making the precious metal priced in it more attractive to holders of other currencies.
- Investors are awaiting the June consumer price index report, due later today, and the producer price index report, due tomorrow, Friday, amid expectations that the data will support optimism that the US Federal Reserve will be able to cut interest rates this year.
- Any downside surprise in the CPI report could weaken the dollar and push gold prices to $2,400, said Edward Meir, an analyst at Marks.
- Gold is seen as a hedge against geopolitical turmoil, and the attractiveness of the yield-bearing asset usually increases when interest rates are low.
- Among other precious metals, spot silver rose 0.4% to $30.94 an ounce, platinum rose 0.2% to $991.80, and palladium gained 0.6% to $992.30 an ounce.
