Gold prices rise with the fall of the dollar

Gold prices increased today, on the back of the dollar's decline, but the gains were limited after data showed a rise in inflation in the United States, which fueled fears of a faster rate hike than expected.

By 0626 GMT, spot gold rose 0.2 percent to $ 1829.61 an ounce.

US gold futures advanced 0.2 percent to $ 1,827.40.

The mineral has stabilized on a weekly basis.

The dollar index fell 0.1 percent against other major currencies, making gold less expensive for holders of other currencies.

"Inflation is not necessarily negative for gold, but it is negative for central banks to start moving against the background of this, and the market is becoming a bit tense, considering that this may lead to an advance of the Federal Reserve cut," said Stephen Innes, managing partner at SBI Asset Management. Little american. "

Important economic data in the US this week showed a bigger-than-expected rise in consumer prices and a drop in weekly jobless claims to their lowest level in 14 months, fueling concerns about rising inflation and the possibility of raising interest rates.

Higher interest rates increase the opportunity cost of holding gold.

Investors are now looking forward to the US retail sales data due for release later in the day.

As for the other precious metals, palladium gained 1.8 percent to $ 2,914.28 an ounce.

Silver increased 0.1 percent to $ 27.09, while platinum rose 0.9 percent to $ 1216.69.


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