Gold falls as dollar strengthens and US inflation data looms
Gold prices fell to $4,167.98 per ounce, influenced by the strengthening dollar which approached its highest levels in 18 months. Investors are closely watching US inflation data that could indicate ongoing monetary policy tightening. This came alongside a rise in oil prices due to attacks on Saudi Arabia and oil tankers near the Strait of Hormuz. The dollar index increased by 0.4% to 102.59 points. Markets are currently expecting a 3.7% inflation rate in consumer prices for September, with a 19% chance of a US interest rate hike in October and a 71% likelihood in December. Other precious metals like silver and platinum deviated from their usual patterns. Meanwhile, rising oil prices have slightly boosted the performance of global stock markets. Investors are also awaiting Q3 earnings reports from US companies.
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