Dollar Weakness Boosts Gold as Inflation Data Looms

Gold prices rebounded on Wednesday after declining in the previous session, as investors awaited US inflation data for further signals on monetary policy and interest rates.

The US dollar weakened slightly, making dollar-priced metals more affordable for holders of other currencies. Spot gold gained 0.4% to $4,372.19 per ounce, while US gold futures for December delivery fell 0.5% to $4,416.

This rebound comes after spot prices fell 0.4% to $4,385.09 on Tuesday and December gold futures settled 1% lower at $4,430.10 amid rising oil prices and renewed inflation concerns.