Gold holds ground ahead of US inflation data

Gold bars

Gold prices stabilized today, March 12, trading near $2,920 an ounce, amid continued trade tensions and ahead of US inflation data that is seen to influence the future trajectory of US interest rates.

Bullion for April delivery held ground at $2,919.10 per ounce at 10:50 am Makkah time, with spot prices also flat at $2,914.71 apiece.

On the other hand, May silver futures turned 0.54% higher to stand at $33.33 an ounce, with platinum spot prices also up 0.94% to $990.73 per ounce.

This came as the US dollar index, which gauges the greenback's strength against a basket of six currencies, plummeted by 0.21% to 103.62 points.

The latest reading on the US Consumer Price Index (CPI) is scheduled to be released today prior to the Wall Street opening, which could show inflation reaching 2.9% in February, up from 3% in January.

Gold prices have been on the rise this year amid increasing demand for safe havens on the back of the recent tariffs imposed by US President Donald Trump, which have heightened fears of a recession in the world's largest economy.