Gold prices rose on Wednesday as the dollar weakened, while investors focused on talks between the U.S. and its trading partners and upcoming producer price inflation (PPI) data.
Spot gold rose 0.6% to $3,341.29 an ounce, while U.S. gold futures gained 0.3%.
The 0.1% drop in the dollar index made gold more attractive for those buying with other currencies.
Analyst Ross Norman commented, “The dollar is easing ahead of the PPI data, which provided a slight boost to gold.”
The US consumer price index showing its fastest rise in five months in June may delay the Fed’s interest rate cut plans. Today’s PPI data (15:30 Turkish time) may provide further direction to the markets.
Meanwhile, President Donald Trump announced that they will impose a 19% tariff on imported products from Indonesia and are planning new taxes on the pharmaceutical sector. However, despite these statements, the gold market struggled to surpass the $3,400 level.
ANZ Bank predicts that gold could experience a new upward trend towards $3,600 by the end of the year.
Silver rose 0.8% to $38.01, while platinum gained 0.4%. Palladium, however, fell 0.8%.
Silver rose 0.8% to $38.01, while platinum gained 0.4%. Palladium, on the other hand, fell 0.8%.
