Gold rises as US dollar rattled by inflation fears

Gold futures ended session higher on Tuesday buoyed by dollar weakness ahead of US inflation readings due to be released next Wednesday amid forcastes inclined to lower inflation in July.

Gold settled at 1793 USD per ounce versus last Monday close at 1788 USD per ounce.  The low of the precious metal was 1783 USD while the high settled at 1800 USD.

Last Monday, The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the July 2022 Survey of Consumer Expectations, which shows substantial declines in short-, medium- and longer-term inflation expectations.

USD was badly affected by the decline in inflation expectation as such decrease imits the opportunities of the fed to widen the pace of future rate hikes.