Gold Prices Rise as U.S. Inflation Data Awaited

Gold experienced a slight increase today, ahead of the anticipated U.S. inflation data set for release later this afternoon. These figures could provide further insights into the future trajectory of interest rates.

As of 0151 GMT, spot gold had risen by 0.1% to $3,346.94 per ounce. Meanwhile, U.S. gold futures remained steady at $3,355.60 per ounce.

Currently, traders are shifting their attention to the June consumer price data from the United States, expected at 1230 GMT today.

In the realm of other precious metals, silver witnessed a slight rise of 0.3%, reaching $38.24 per ounce, following its peak since September 2011, observed yesterday. Additionally, platinum saw an increase of 0.3% to $1,368.30, while palladium edged up by 0.1% to $1,194.52.

This series of minor adjustments in the prices of precious metals precedes key economic indicators that could influence market decisions moving forward. With inflation figures imminent, investors are eagerly awaiting the impact that these results may have on monetary policies and related sectors.