Gold prices rose on Thursday, while the dollar continued to decline ahead of inflation data in the United States scheduled to be published later that would provide more indications about the path the US central bank may take for monetary policy during this year.
Gold in spot transactions increased 0.3 percent to $2,028.78 per ounce, and US gold futures contracts rose 0.3 percent to $2,033.00.
The dollar index fell 0.1 percent, declining for the second session, which increases the attractiveness of the precious metal for holders of other currencies.
Matt Simpson, chief analyst at City Index, said that the publication of CPI data in the United States looms on the horizon, and “speculators may take a cautious approach” before the expected publication.
Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
As for other precious metals, silver rose in spot transactions 0.5 percent to $22.96 per ounce, palladium gained 0.8 percent to $1006.84, while platinum settled at $919.15.
On the other hand, the dollar fell in Asia on Thursday as traders awaited inflation data in the United States.
The cryptocurrency Bitcoin jumped to $46,400, near the highest level in two years, as investors welcomed long-awaited US approval to create instant cryptocurrency trading funds.
This procedure opens the way for institutional purchasing. The measure had been expected for months, causing the currency to rise 70 percent since mid-October.
The euro increased 0.1 percent to $1.0979, while the British pound rose 0.2 percent to $1.2767.
After sharp gains yesterday, Wednesday, the dollar fell 0.3 percent to 145.39 yen.
The decline in the dollar helped the Chinese yuan recover from the lowest level in a month to 7.1621 per dollar.
2024-01-11 07:24:24
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