Gold gains as dollar eases with US inflation data on radar

Business Recorder reported that gold prices rose on Tuesday as the US dollar weakened, with investors focusing on upcoming inflation figures that could influence how markets view the Federal Reserve's next policy step. Spot gold climbed 0.6% to $4,429.89 per ounce by 0208 GMT, while December US gold futures were roughly flat at $4,475.10.

The US dollar index dropped 0.4%, which makes metals priced in greenbacks cheaper for holders of other currencies. Pepperstone Group's research head Chris Weston said gold remains stuck between buyers and sellers, with neither side strong enough to push prices in one lasting direction. Gold had fallen in the two previous sessions after August jobs data showed strong growth, while unemployment held at 4.1%. CME FedWatch Tool data puts the odds of a Fed rate increase next week at 60%.

Marex analyst Edward Meir offered his view in a monthly commentary, saying markets seem uneasy about signals from the Fed and the Treasury, which he considered more significant than a rate move itself. He did not expect gold to fall sharply even if rates rise. Silver added 1% to $66.78 an ounce, platinum gained 0.4% to $1,834.00 and palladium climbed 1% to $1,402.87. Iran, meanwhile, warned Washington of economic warfare and claimed it had launched an advanced missile at American warships, days after both sides exchanged strikes again.