Soft Dollar Lifts Gold as Markets Await Key US Jobs Data

Gold prices ticked up on Wednesday as the US dollar softened, making dollar-priced metals more attractive to holders of other currencies.

The US dollar's weakness, combined with market participants' anticipation of key US jobs data due out on Friday, contributed to gold's slight increase.

Silver prices also rose, while platinum and palladium lost ground. The upcoming US jobs report is expected to provide cues for the Federal Reserve's next monetary policy move.

The recent spike in oil prices has sparked bets that the Fed might need to raise interest rates to keep inflation in check, which could negatively impact gold's appeal as an inflation hedge.