Gold prices rise amid volatile trading ahead of US inflation data
Gold rebounds from sharp intraday loss as traders brace for key inflation prints
NEW YORK: Gold prices rose in volatile trading today as investors look ahead to critical US inflation data scheduled for release later this week. Market participants are awaiting the Consumer Price Index (CPI) on Tuesday and the Producer Price Index (PPI) on Wednesday for further clues on the Federal Reserve's interest rate trajectory.
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Spot gold was trading at around $4,723.10 per ounce by late evening, recovering from an earlier sharp decline of more than one percent during the session. US gold futures remained steady at approximately $4,740.40.
The market's upward momentum continues to be supported by safe-haven demand linked to geopolitical tensions, which is currently offsetting pressure from a stronger US Dollar.
In other precious metals, silver surged to $84.99 per ounce, while platinum and palladium also saw gains of 2.6% and 1% respectively.
