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Gold firms up on a softer dollar

Gold firmed on Thursday buoyed by a softer dollar but was hemmed into a relatively tight range as traders positioned for U.S. inflation readings that could steer the Federal Reserve’s monetary policy.

Spot gold rose 0.3% to $1,920.20 per ounce by 1015 GMT, bouncing up slightly after touching its lowest level since July 10 on Wednesday. U.S. gold futures edged up 0.1% to $1,953.30.

The dollar index eased 0.3%, weighing on greenback priced bullion before U.S. consumer price index (CPI) data due at 1230 GMT.

“It really would take a shock in the inflation number today to swing the gold price,” said Edward Gardner, commodities economist at Capital Economics.

Source Reuters

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