Gold is rising as investors await US retail sales data

Gold prices rose on Tuesday, with the dollar falling near its lowest level in more than a year, while traders await retail sales data in the United States to see its impact on the monetary policy of the Federal Reserve.

Spot gold rose 0.3% to $1,959.54 an ounce by 0359 GMT, while US gold futures rose 0.4% to $1,963.70.

The dollar fell to its lowest level in more than a year. A lower dollar makes the precious metal less expensive for holders of other currencies.

Christopher Wong, CEO and foreign exchange strategist at OCBC, said that although the upcoming US central bank meeting may dispel gold’s appeal, “the Fed is close to ending the monetary tightening cycle.”

As for other precious metals, silver rose in the spot market 0.1 percent to $ 24.87 an ounce, while platinum increased 0.7 percent to $ 982.43, and palladium jumped 1.1 percent to $ 1298.30.