Gold continues to rise as the dollar declines and interest rate concerns limit gains

Gold prices continued to climb for a third session on Wednesday as the dollar weakened, however concerns over US interest rate hikes on the back of high inflation globally curbed gains.

Spot gold rose 0.2 percent to $1,831.43 an ounce by 0536 GMT. US gold futures rose 0.1 percent to $1,838.90.

In February, the precious metal recorded its worst month since June 2021, after a series of US data that indicated the resilience of the economy and the increase in the number of jobs available in the labor market, which raised fears that the Federal Reserve (the US Central Bank) would continue to raise interest rates to limit inflation.

The dollar index fell 0.1 percent, making gold priced in the greenback accessible to buyers holding other currencies.

As for other precious metals, silver rose in spot transactions by 0.8 percent to $21.09 an ounce, platinum rose 0.4 percent to $955.89, and palladium rose two percent to $1445.03.