Gold Prices Firm Amid Subdued Dollar and Rising Inflation Concerns
Gold prices rose on Wednesday, September 9, as the US dollar remained subdued. This made gold and other metals priced in dollars more affordable for holders of other currencies.
The spot price of gold was up 0.6% at $4,381.32 per ounce by 5:05 GMT, while US gold futures lost 0.3% to $4,424.70.
Markets are awaiting the release of US inflation data on Friday, with some expecting a hawkish Federal Reserve to weigh on gold prices. However, concerns about fiscal deficits and the US dollar debasement trade remain supportive for gold prices, according to Kelvin Wong, senior market analyst at Oanda.
Rising crude oil prices, led by Brent crude which jumped for a fourth consecutive session, tend to put upward pressure on inflation and support precious metal prices. Spot silver gained 0.9% to $66.31, platinum rose 1.1% to $1,833.58, while palladium fell 0.1% to $1,347.82.