Softer dollar lifts gold to $4,428

Spot gold climbed 1.36% to $4,428.02 per ounce by 11:03 am PST, Mettis Global reported, as the dollar weakened over the session. A weaker greenback makes bullion cheaper for overseas buyers, which typically supports the metal. Silver edged up 0.2%, reaching $67.42 per ounce, platinum fell 0.6% to $1,885.02, and palladium rose 0.2% to $1,355.50.

Traders are looking ahead to the US producer price index, scheduled for 1230 GMT, before Friday's consumer inflation figures, CNBC reported. According to the CME FedWatch Tool, the chance of a US rate increase this month stands at 60%, and higher rates generally pressure bullion because assets that pay no yield lose attraction as borrowing costs climb. Concern about public finances also featured, as US government debt surpassed $40tr for the first time in the previous month, renewing doubts about federal fiscal sustainability.

Iran said on Wednesday that it had hit 10 vessels around the Strait of Hormuz, in retaliation for US strikes that destroyed five of its oil tankers. The report called this the most severe step-up in ship attacks between the two countries since their six-month conflict started.