Gold rises 1% ahead of US inflation data

February 2026 gold futures rose 0.8% to $4,366.5 an ounce

Gold prices settled higher on Wednesday as investors monitored Federal Reserve officials’ comments on monetary policy and awaited US inflation data due tomorrow.

February gold futures gained 1%, or $41.6, to $4,373.90 per ounce.

This came despite the US Dollar Index, which measures the greenback against six major currencies, rising 0.2% to 98.35 as of 10:27 pm Makkah time.

Safe-haven demand increased amid escalating geopolitical tensions between the US and Venezuela, following Washington’s full blockade on all sanctioned oil tankers entering and leaving Venezuela.

Investors are closely watching the US Consumer Price Index for November, expected tomorrow, for signals on the future of monetary policy amid a slowing labor market.