Gold prices rose on Thursday, supported by a weaker dollar, as investors awaited US inflation data that could influence the US Federal Reserve’s interest rate track.
And by 0650 GMT, spot gold was up 0.4 percent at $1883 an ounce and US gold futures were up 0.4 percent at $1886.30 an ounce.
The dollar index is near seven-month lows and yields on US Treasury bonds have declined. A weakening dollar increases the attractiveness of dollar-denominated metal to holders of other currencies
Gold prices are getting great support from the weakening dollar. But technically, bullion is seeing some resistance around the $1,880 levels, so it has been locked in a narrow range for days,” said Ajay Kedia, director, Kedah Commodities in Mumbai.
CPI data Investors’ focus will be on the US at 1330 GMT.
As for other precious metals, silver rose 0.8 percent to $23.61 an ounce. Platinum fell 0.2% to $1,068.81 an ounce, while palladium gained 0.7% to $1,786.85 an ounce.
