Gold prices rise as US dollar drops

Gold bar and dollars Gold prices advanced on Thursday, buoyed by a softer US dollar as investors closely await key inflation data out of the United States. Spot gold rose zero point three percent to US$4,412.84 per ounce by 02:34 GMT. Meanwhile, US gold futures for December delivery dipped zero point one percent to $4,457.10 per ounce, according to Reuters market data. “At present, geopolitical developments in the Persian Gulf are taking a back seat for gold,” said Marex analyst Edward Meir. “Instead, gold is benefiting from a persistently weak US dollar, which remarkably continues to sag despite the upward trajectory of US interest rates.” The US dollar remained under modest pressure, making dollar-denominated metals more affordable for buyers holding other currencies. In a research note, the senior commodities strategist at ANZ Daniel Hynes, highlighted the broader macroeconomic tailwinds: “Gold continues to find support as ongoing US fiscal pressures erode confidence in the long-term value of government debt and the currency used to finance it.” Overall precious metal market performance Across other precious metals, spot silver gained zero point two percent to reach $67.42 per ounce. Conversely, platinum slipped zero point six percent to $1,885.02 per ounce, while palladium edged up zero point two percent to trade at $1,355.50 per ounce.