Commodities
Dollar Eases as Gold Prices Climb Ahead of US Inflation Data
Gold prices are up today as the US dollar slips in value. Spot gold is trading at $4,429.89 per ounce, a 0.6% increase. This comes ahead of Thursday's release of US producer price index data and Friday's consumer price index data.
The data will likely influence expectations for the Federal Reserve's next policy move. Currently, traders see a 60% chance of a rate hike at the Fed's policy meeting next week, according to the CME FedWatch Tool.
Chris Weston, head of research at Pepperstone Group, noted that gold remains locked in a battle between buyers and sellers, with neither side showing enough conviction to drive a sustained directional move.