Forex
Gold Edges Higher on Weaker Dollar Ahead of US Inflation Data
Gold prices edged higher on Thursday, as a weaker US dollar and upcoming US inflation data took center stage.
The spot price of gold rose by 0.3% to $4,412.84 per ounce, while US gold futures for December delivery fell 0.1% to $4,457.10.
Analyst Edward Meir noted that the current geopolitical developments in the Persian Gulf are secondary to gold's price movement, with a weaker dollar being the main driver.
The US producer price index data is due on Thursday at 1230 GMT, followed by consumer inflation figures on Friday.
Federal Reserve rate decisions will remain steady for the rest of this year, according to economists polled by Reuters.