Gold Edges Higher Amid Weaker Dollar and Ahead of Key Inflation Data

Gold prices edged higher on Thursday as the US dollar weakened, providing a boost to the precious metal. Spot gold was up 0.3 per cent at $4,412.84 per ounce, while US gold futures for December delivery fell 0.1 per cent to $4,457.10.

Marex analyst Edward Meir noted that the weaker US dollar is making greenback-priced metals less expensive for holders of other currencies. He attributed this to a softer US dollar, which 'notably is not moving up despite the fact that US rates are going higher.'

The focus now shifts to key US inflation data due later in the day and consumer inflation figures scheduled for release on Friday. The Fed will hold its interest rate steady at its September 15-16 meeting, defying market expectations for a series of hikes.