Weaker Dollar Boosts Gold Ahead of Key Inflation Data

Gold prices ticked up on Thursday as the US dollar remained subdued, making dollar-priced metals less expensive for holders of other currencies.

The spot gold price rose 0.3% to $4,412.84 per ounce, while U.S. gold futures for December delivery fell 0.1% to $4,457.10.

Marex analyst Edward Meir noted that geopolitical developments in the Persian Gulf are currently of secondary importance to gold, which is instead being driven by a weaker dollar.

The US producer price index data will be released at 1230 GMT, followed by consumer inflation figures on Friday. The Federal Reserve has indicated it will maintain its interest rate steady this year, contrary to market expectations.