Gold increases as oil dips ahead of US inflation data

Gold prices rose as oil prices declined and US inflation data awaited, with the price of an ounce reaching around $4,188 and December futures advancing to approximately $4,212.50. This comes amid expectations of a potential 19% increase in US interest rates in October based on inflation forecasts. The upcoming Consumer Price Index data will be heavily relied upon to determine the direction of interest rates, while rising energy prices raise inflation concerns and influence monetary policy decisions. Other precious metals saw limited gains, except for palladium, which declined slightly, as regional tensions continue to heighten amid ongoing attacks on Saudi Arabia.

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