Gold prices ticked higher at close today, Sept. 11, as traders awaited the release of US inflation data this week in a bid to assess the path of monetary policy.
At settlement, bullion for December delivery stood at $1,947.20 an ounce, climbing by 0.25%, or $4.50.
Meanwhile, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, shed 0.55% to 104.55 points at 08:55 pm Makkah time, after surging last week to a six-month peak.
Gold prices will encounter hindrance in the medium term should the US economy manages to avoid a recession, said Rupert Rowling, market analyst at Kinesis Money, in a note.
Markets are pricing in a 93% chance that the Federal Reserve will hold steady to the current key rates at the coming meeting on Sept. 19-20, with a 41% probability of a rate hike decision in the November meeting, the CME FedWatch Tool showed.
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