Commodities
Dollar Weakness Lifts Gold Prices Amid Inflation Fears
Gold prices rose on Wednesday due to a decline in the US dollar. According to Reuters, spot gold increased by 0.4% to $2,372.19 per ounce at 02:30 GMT. Meanwhile, US gold futures for December delivery fell 0.5% to $2,416.
The weaker dollar made metals priced in the US currency less expensive for holders of other currencies. Kelvin Wong, a senior market analyst at OANDA, stated that 'the gold market is witnessing a fierce short-term battle between bulls and bears.'
Markets are awaiting US Producer Price Index (PPI) data scheduled for release tomorrow, Thursday, followed by Consumer Price Index (CPI) data on Friday. Brent crude prices jumped for the fourth consecutive session, which could exert upward pressure on inflation.