Gold prices rose today, Thursday, to their highest level in nearly a month, supported by a decline in the dollar after U.S. inflation data bolstered hopes that the Federal Reserve will soon stop tightening its monetary policy. Spot gold gained 0.1 percent to $1,959.79 per ounce by 02:41 GMT, marking its highest point since June 16. U.S. gold futures also increased by 0.1 percent to $1,964.30.
Regarding other precious metals, spot silver rose 0.3 percent to $24.2163 per ounce, and palladium increased by 0.7 percent to $1,292.19. Platinum went up by 0.8 percent to $954.26 after climbing three percent in the previous session. U.S. consumer prices slightly rose in June, recording their lowest annual increase in over two years as inflation continues to decline, although possibly not at a fast enough pace to prompt the Federal Reserve to halt rate hikes later this month.
