Gold Prices Soar as Dollar Weakens Ahead of US Inflation Data

Gold prices rose on Wednesday after declining in the previous session due to a slight weakening of the US dollar, as investors awaited US inflation data for further signals on monetary policy and interest rates.

The spot price of gold gained 0.4% to $4,372.19 per ounce, while US gold futures for December delivery fell 0.5% to $4,416. Gold had declined on Tuesday with spot prices falling 0.4% to $4,385.09 per ounce and December gold futures settling 1% lower at $4,430.10 amid rising oil prices and renewed inflation concerns.

The weaker dollar made dollar-priced metals more affordable for holders of other currencies, while investors remained focused on geopolitical developments and the outlook for US monetary policy.