Gold prices climb after US inflation data falls short of forecasts
Gold rose on lower-than-expected US inflation data, weakening the dollar and boosting expectations the Federal Reserve will hold rates steady in October.
Key Takeaways
AIGold prices rose on Wednesday after US inflation data came in below expectations, pressuring the dollar and strengthening forecasts that the Federal Reserve will not raise interest rates in October.
Spot gold gained 0.7% to $2,209.71 per ounce, while US gold futures advanced 1.5% to $2,241.90, despite gold having fallen 5.4% in September.
Among other precious metals, silver slipped 0.5% to $61.15 per ounce, platinum rose 0.4% to $1,711.77, and palladium edged down 0.1% to $1,221.36. All three metals are on track for monthly declines.