Friday , 23 March 2018

Gold rises on softer dollar ahead of US inflation data

Gold prices rose for a third straight session on Wednesday to hit a one-week high, buoyed by a weaker dollar, while investors awaited U.S. inflation data for clues on the pace of future U.S. interest rate increases.

Spot gold was up 0.3 per cent at $1,332 an ounce, as of 0115 GMT, after touching its highest level since Feb. 6 at $1,333.76.

U.S. gold futures rose 0.4 per cent to $1,335 per ounce.

The dollar was down against a basket of currencies at ..
The dollar was down against a basket of currencies at 89.722 , having shed 0.6 per cent overnight.

A retreat in the dollar, in which bullion is priced, has helped gold pull back nearly 2 per cent from last week’s one-month low of $1,306.81 an ounce.

Asian shares were set for a tense session on Wednesday as investors await readings on U.S. inflation that could fan fears of faster rate hikes and unleash another burst of global volatility.

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