Gold rises ahead of US inflation data release
The spot price of gold rose 0.1% on September 8 to $4,407.27 per ounce, while the US dollar index fell 0.3%. The weakening of the US currency made dollar-denominated metals more affordable for holders of other currencies, Asharq Al-Awsat reports.
Inflation data and the Fed decision
As of 06:45 GMT, December gold futures, meanwhile, fell 0.6% to $4,452.10 per ounce. Market participants are awaiting the release of the US producer price index on Thursday and the consumer price index on Friday. These data may affect expectations regarding the US Federal Reserve's next decision.
Pepperstone Group head of research Chris Weston said that a confrontation between buyers and sellers continues in the gold market, but neither side has sufficient confidence for a sustained move in prices in one direction.
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Rates and other metals
During the previous two sessions, spot gold declined after data showed a sharp acceleration in US employment growth in August. According to these data, the unemployment rate remained at 4.1%. According to the CME FedWatch Tool, traders assessed the probability of a Fed rate increase at next week's meeting at 58.4%. Higher interest rates usually reduce the attractiveness of gold, which does not generate income.
Spot silver gained 0.1% and stood at $66.21 per ounce. Platinum lost 0.1% to $1,824.58 per ounce, while palladium fell 0.2% to $1,385.50. BMI analysts lowered their 2026 price forecast for platinum from $2,000 to $1,900 per ounce and for palladium from $1,500 to $1,400, citing weaker demand from the automotive industry and a recovery in supply.
