Gold Hits Two-Month High as Markets Eye Inflation Data
Gold prices have risen for three consecutive sessions, reaching a two-month high on Tuesday. The precious metal's value has increased by 0.5% to $4,411.77 per ounce as of 0030 GMT. This is the highest level gold has reached since June 5.
The uptick in gold prices comes as market participants await inflation data due on Wednesday and Thursday. The Federal Reserve's decision to keep interest rates steady at its July meeting, with three officials dissenting in favor of a rate hike, has also contributed to the rise in bullion's value. Lower interest rates boost gold's appeal since it yields no interest.
Barrick Mining reported a rise in second-quarter profit due to higher bullion prices. Meanwhile, other metals such as silver, platinum, and palladium have also seen increases in their values.