Gold Prices Gain as Dollar Softens Ahead of Inflation Data

Gold prices rose on Tuesday as the US dollar softened, ahead of key inflation data that could influence expectations about the Federal Reserve's next move. The yellow metal gained 0.6% to $4,429.89 per ounce at 0208 GMT, while US gold futures for December delivery were little changed at $4,475.10.

The decline in the US dollar index by 0.4% made gold more affordable for holders of other currencies. Chris Weston, head of research at Pepperstone Group, noted that 'gold remains locked in a battle between buyers and sellers, with neither party showing enough conviction to drive a sustained and persistent directional move.'