Gold Soars 0.9% Amid Weakened US Dollar

The price of gold rose by nearly 0.9% on Friday as the US Dollar weakened across the board, following softer inflation data and a decline in retail sales.

This data has decreased the chances for a rate hike by the Federal Reserve (Fed) at its September meeting, with investors trimming Fed-hawkish bets ahead of the event.

The US Dollar Index (DXY), which tracks the value of the American currency against six other currencies, is down 0.4% to 99.57.

The weak US data also included a decline in retail sales, which snapped a five-month streak of growth and missed estimates for a 0.1% expansion.