Gold Prices Climb on Easing Inflation and Weaker Dollar
Gold prices rose on September 3 due to easing inflation and a weaker US dollar. The COMEX gold futures traded 1.19% higher to $4,467.20 per ounce, while silver inched 1.29% to $66.30 per ounce.
Market participants are pricing in the impact of a tighter rate outlook, keeping pressure on gold. This week's US Non-Farm Payrolls and Unemployment data will be crucial for the Federal Reserve's policy decisions.
Commodities Analyst at Motilal Oswal Financial Services, Manav Modi, stated that gold prices held near $4,400 after rebounding around 1% in the previous session. He added that easing energy-driven inflation concerns and a weaker US dollar provided support to bullion.