Gold Shines as Dollar Retreats

Gold prices rose, supported by a slight decline in the dollar, as investors look forward to the release of the September monetary policy meeting minutes from the Federal Reserve, as well as inflation data, for clues about the interest rate hike trajectory. Spot gold prices increased by 0.2 percent to $1,668.40 per ounce, after declining for five consecutive sessions. U.S. gold futures fell 0.6 percent to $1,675.50. The dollar dipped 0.1 percent against other currencies, making gold less expensive for buyers holding other currencies. The minutes from the last Federal Reserve meeting are scheduled to be released at 18:00 GMT, followed by U.S. consumer price index data tomorrow, which is expected to continue rising. The U.S. central bank has significantly raised interest rates since March to tame rampant inflation, which has also negatively impacted the appeal of the precious metal as higher interest rates increase the opportunity cost of holding non-yielding bullion. Regarding other precious metals, spot silver prices declined by 0.1 percent to $19.18 per ounce, platinum rose by 0.7 percent to $891.64, and palladium increased by 0.6 percent to $2,153.55.