Gold prices rose to a one-week high yesterday, with the dollar slipping after a slower-than-expected rise in US inflation led to uncertainty over the timeframe for the Federal Reserve to scale back monetary stimulus.
Spot gold rose 0.6 percent to $1,804.30 an ounce by 18:00 GMT.
And US gold futures rose 0.7 percent to settle at $1807.10 an ounce.
The core US consumer price index rose 0.1 percent in August, defying expectations that indicated an increase of 0.3 percent, which negatively affected the US dollar. It was the smallest increase since February and followed a 0.3 percent increase in July.
Inflation data reinforces the view that the US central bank may go slowly in ending economic support measures and keep interest rates low.
Gold benefits from low interest rates, because it reduces the cost of holding the precious metal, which does not generate returns.
Among other precious metals, palladium fell 5.12 percent to $ 1980.30 an ounce, its lowest level since July 2020, while platinum fell 1.7 percent to $ 944.26. Palladium losses since the beginning of September amounted to about 20 percent.
Silver rose 0.57 percent to $23.85 an ounce.
The only source of enthusiasm in the currency markets was the Australian dollar. The Australian currency fell to its lowest level in two weeks, after the head of the country’s central bank ruled out taking the market into account interest rate increases in 2022 and 2023.
The Australian dollar extended losses to drop more than 0.5 per cent, falling to $0.7336, as Reserve Bank of Australia Governor Philip Lowe painted a very accommodating picture of the policy outlook with no interest rate hike in sight until 2024.
Although global stock markets rebounded on Monday after falling last week, some analysts are also warning of growing risk appetite.
In cryptocurrencies, Bitcoin fell to $ 43,400, its lowest in nearly a week, and last settled at $ 45,395. Ether was trading at $3,307.
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