Gold is Stable as The Dollar Rises

Gold prices stabilized Monday, September 13th as the dollar rose, while investors were cautious ahead of US consumer price readings that could determine the Fed’s decision on when to begin tapering.

Spot transactions settled at $ 1787.96 an ounce, while US gold futures fell 0.2% to $ 1789.

The dollar index reached its highest level in more than two weeks, which negatively affected the attractiveness of gold to holders of other currencies.

Attention now turns to the August CPI, due on Tuesday, which is likely to show core inflation slowing slightly to 4.2%.

Loretta Meester, president of the Federal Reserve’s branch in Cleveland, said Friday that she still wanted the central bank to start reducing asset purchases this year, joining a group of policymakers with a similar view.

As for other precious metals, platinum fell 0.3% to $952.25 an ounce, after touching its lowest level since November 2020.

Palladium also fell 0.7% to $2,124.40, after it had earlier reached its lowest level since August 2020. Silver fell 0.3% to $23.64.