Gold prices rose today, Thursday, supported by a weak dollar and economic concerns, as investors seek more clarity on the U.S. Federal Reserve's monetary policy direction. As of 01:31 GMT, spot gold was up 0.2% at $2032.58 per ounce. U.S. gold futures also increased 0.2% to $2041.80. The dollar index fell 0.1%, making the yellow metal, priced in U.S. dollars, more affordable for overseas buyers. Gold prices initially climbed on Wednesday following the release of U.S. inflation data, before turning downward due to profit-taking. The annual increase in U.S. consumer prices slowed to below 5% in April, the first time in two years, potentially prompting the U.S. central bank to pause interest rate hikes next month. Lower interest rates enhance the appeal of gold, which does not yield any return.
Gold Rises Amid Dollar Weakness
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