Manila:Spot gold prices rose more than one percent, rebounding from a one-week low reached in the previous session. This increase comes as the dollar weakened, prompting investors to assess the potential for a US interest rate hike this month following indications of rising inflation.
According to Oman News Agency, spot gold climbed 1.3 percent to $4,158.63 an ounce after hitting its lowest level since October 7. US gold futures for December delivery also saw a rise, gaining 1.8 percent to $4,180 an ounce. The decline in the dollar, which had reached an 18-month high overnight, made gold less expensive for those holding other currencies.
Attention in the market is now focused on the upcoming producer price index and retail sales data, which are expected at 1230 GMT. In the broader precious metals market, spot silver rose 1.1 percent to $56.26 an ounce, platinum increased by 0.3 percent to $1,611.15, and palladium rose 1.3 percent to $1,107.83.
