Home News Gold Rises On Softer Dollar as Focus Shifts to U.S. Inflation Data

Gold Rises On Softer Dollar as Focus Shifts to U.S. Inflation Data

May 29, 2024

(Reuters) – Gold prices gained on Tuesday, helped by a weaker dollar as investors look forward to U.S. inflation data due later this week for more clarity on interest rate cut timings.

Spot gold was up 0.3% at $2,357.44 per ounce by 1:55 p.m. ET (1755 GMT). U.S. gold futures settled 0.9% higher at $2,356.5.

“The dollar index is down and we are seeing the yield curve rates drop a little bit. Gold is coming off a correction and is hovering around resistance levels and now it’s bouncing again,” said Bart Melek, head of commodity strategies at TD Securities.

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