Gold Rises as The Dollar Slips Ahead of US Inflation Data

Gold prices received support from the dollar’s decline to rise Thursday, but the rise in US Treasury bond yields and anticipation of US inflation data and the Fed meeting limited the rise of the non-yielding metal.

The price of gold in spot transactions rose 0.2% to $ 1785.78, while US futures settled at $ 1786.30.

The dollar index hovered near its lowest level since the second of December, which is recorded in the previous session, which made holding gold less expensive for buyers in other currencies. Gold awaits US inflation and Fed data.

The price of gold is moving in a range between 1760 and 1790 dollars an ounce since it fell last month below the support level of 1800 dollars, while investors are evaluating cautiously when the US Federal Reserve will speed up reducing stimulus measures.

Investors’ attention is now turning to US CPI data due on Friday, which may influence the Fed’s decision at its meeting on December 14-15.