Gold prices today achieved limited gains, supported by the decline of the dollar, in light of expectations that the US Federal Reserve will adopt a sharp approach to contain inflation, which recorded a sudden rise last month.
And according to Reuters, gold prices in spot transactions rose 0.2%, to $ 1704.03 an ounce (an ounce) by 11:16 GMT.
Gold futures fell 0.2% to $1,714.70.
Michael Hewson, chief market analyst at CMC Markets, said that although the dollar's weakness is helping to lift gold from its lows, higher yields are likely to make it more difficult for prices to make any visible gains in the short term.
Gold prices recorded in the previous session the largest percentage drop in a single day since July 14, while the dollar witnessed its best daily performance since March 2020 after the sudden rise in the consumer price index in the United States in August.
Inflation data has raised expectations that the Federal Reserve will raise borrowing costs faster and more than previously estimated, with some even predicting that the Federal Reserve may raise interest rates by 100 basis points at the end of its meeting scheduled for September 20-21.
Among other precious metals, silver rose in spot transactions 1%, to $19.51 an ounce.
Platinum rose by 2.2%, to $ 897.95, while palladium witnessed little change to $ 2106.46.
