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Gold Slightly Rises with Spotlight on US Inflation Reading

Gold traded in a narrow price range on Wednesday as investors looked forward to a key US inflation reading that could shed more light on the Federal Reserves interest rates trajectory.

Spot gold rose 0.2% to $2,367.79 per ounce. US gold futures climbed 0.3% to $2,374.10.

Fed Chair Jerome Powell in his testimony to the Senate said inflation had been improving in recent months and that “more good data would strengthen” the case for looser monetary policy. Powell will next speak before the House later in the day.

Spot silver rose 0.3% to $30.89 per ounce, platinum steadied at $984.55 and palladium gained 0.1% to $981.37.

Source: Qatar News Agency