Gold prices rise ahead of US inflation data

Gold bars

Gold prices rose on Friday as investors awaited key US inflation data scheduled for release later today.

February gold futures gained 0.35%, or $15.8, to reach $4,257.4 per ounce.

Spot gold increased 0.45% to $4,228.2 per ounce, while spot silver climbed 2.4% to $58.486 per ounce.

The US dollar index—which measures the greenback against a basket of six major currencies—edged down 0.1% to 98.9 points as of 9:16 a.m. Makkah time.

March silver futures rose 2.6% to $58.98 per ounce. Spot palladium gained 1.25% to $1,460.75, and spot platinum increased 0.35% to $1,651.56.

Investors are awaiting the release of the core Personal Consumption Expenditures (PCE) index— the Federal Reserve’s preferred inflation gauge—for September later today, with expectations pointing to a slowdown to 2.8%.