Gold rises thanks to the decline in the dollar amid anticipation of US data

Gold prices rose on Tuesday amid a weaker dollar, and it is likely that the precious metal’s near-term prices will remain dependent on US economic data expected to be published this week and may affect the Federal Reserve’s interest rate strategy.

Spot gold rose 0.2 percent to $1,935.04 an ounce by 0606 GMT.

US gold futures rose 0.4 percent to $1,935.60.

Major economic centers such as China and Hong Kong remain closed for the Lunar New Year holidays.

The dollar index fell 0.2%, making bullion priced in the greenback cheaper for holders of other currencies.

Investors are awaiting estimates for US gross domestic product growth for the fourth quarter of last year, due to be published on Thursday.

Low interest usually supports gold prices, as it reduces the opportunity cost of holding non-yielding assets.

As for other precious metals, spot silver rose 0.3 percent to $23.52 an ounce. Platinum rose 0.8 percent to $1,055.25. Palladium rose 0.5% to $1,712.57.