Gold Prices Rise Amid Dollar Decline

Gold prices rose on Tuesday as the dollar fell to its lowest level in over a year, while traders await U.S. retail sales data to assess its impact on the Federal Reserve's monetary policy. Spot gold increased by 0.3 percent to $1,959.54 per ounce by 03:59 GMT, while U.S. gold futures added 0.4 percent to $1,963.70. The dollar's decline makes the precious metal less expensive for holders of other currencies. Christopher Wong, executive director and foreign exchange strategist at OCBC, stated, "Although the upcoming Federal Reserve meeting may dampen gold's appeal, the Fed is close to ending its tightening cycle." Regarding other precious metals, spot silver rose by 0.1 percent to $24.87 per ounce, platinum increased by 0.7 percent to $982.43, and palladium jumped by 1.1 percent to $1,298.30.