Gold prices steady as US dollar rises as focus shifts to US inflation data

Gold alloys

Gold prices held ground today, Sept. 10, as the US dollar maintained its uptrend as investors awaited the upcoming reading for US consumer price inflation (CPI).

Bullion for December delivery stabilized at $2,534.70 per ounce at 09:19 am Makkah time, with spot gold prices also flat at $2,505.96 apiece.

Silver futures for September delivery, on the other hand, added 0.22% to $28.71 an ounce, in tandem with a 0.45% hike in platinum spot prices to $947.28 per ounce.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, nudged up by about 0.1% to 101.64 points, after touching its highest level in a week at 101.72 points in early trading.

“Gold prices remain locked in its consolidation phase within a broader upward trend for now, as gains were capped by a slight rebound in the US dollar,” IG Market Strategist Yeap Jun Rong said, Reuters reported.

The annual US CPI reading is scheduled to be released tomorrow, Sept. 11. Expectations suggest a decline to 2.6% in the August reading, from 2.9% in the previous month.