Forex
Gold Prices Edge Higher on Weakening Dollar Ahead of US Inflation Data
The precious metals market started the week cautiously, with gold prices rising only slightly. The metal's price was supported by a weakening US dollar, but gains were capped due to uncertainty over monetary policy.
The spot gold price rose 0.1% to $4,407.27 per ounce as of 6:45 a.m. GMT on September 8. In contrast, US gold futures for December delivery fell 0.6% to $4,452.10 per ounce.
Crisis Weston, head of research at Pepperstone Group, described the market as being in a 'tug-of-war' between buyers and sellers. He noted that neither side has shown enough conviction to establish a clear trend.