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Dollar falls as markets await inflation data

Dollar

The US dollar index fell, and gold saw some rise, with the markets awaiting the US inflation data.

Gold prices rose slightly, affected by the rise in US Treasury bond yields, and the anticipation of the Federal Reserve meeting, which limited the rise of the non-yielding metal.

The price of gold in spot transactions rose 0.2% to $1785.78 by 0516 GMT, while US contracts settled at $1786.30.

The US dollar index hovered near its lowest level since December 2, which it recorded in the previous session, which made holding gold less expensive for buyers in other currencies.

The price of gold has been moving in a range between $1,760 and $1,790 an ounce since it fell last month below the $1,800 support level.

Investors are cautiously assessing when the Federal Reserve (the US central bank) will accelerate its easing of stimulus measures.

Investors’ attention now turns to US CPI data due on Friday, which may influence the Federal Reserve’s decision at its December 14-15 meeting.

As for other precious metals, the price of silver in spot transactions rose 0.1% to $22.43 an ounce. Platinum fell 0.1% to $ 955.98, and palladium rose 0.7% to $ 1862.90.

The dollar fell against a few major currencies, as easing concerns about the economic damage of the Covid-19 omicron helped support the riskier currencies. The Australian dollar recorded its third consecutive session of gains.

The dollar index, which measures the value of the greenback against a basket of six competing currencies, fell 0.4% to 95.854.

But the index is still close to its highest level in 16 months, which was recorded late last month.

Investors’ appetite for riskier assets improved this week amid reports that people infected with the omicron in South Africa were showing only mild symptoms.

The Australian dollar rose 0.8% to $0.7177, its highest level in a week. Over the course of the week, the Australian currency rose 1.84% against the US currency, posting its best performance in three months.

The euro rose 0.7% against the greenback to $1.1344.

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