Gold rises 1.4% amid dollar drop and US inflation data

Gold price rose by 1.4% as the dollar declined and investors awaited U.S. inflation data, with the ounce reaching $4,414.3 in spot transactions and $4,458.8 for futures. This came amid a weakening dollar approaching its lowest level in two weeks and oil prices exceeding $100 per barrel, increasing the likelihood of the Federal Reserve raising interest rates to counter persistent inflation pressures. Meanwhile, yields on 10-year U.S. Treasury bonds hit their highest level since November 2023. Other metals such as silver and platinum also experienced notable gains, amid expectations of a platinum market surplus for the first time since 2022 due to decreased demand.

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