Gold ticks up on softer dollar; US inflation data on tap
GLD•Other precious metals fall
Among other metals, spot silver XAG= slid 0.2% to $67.11 per ounce, platinum XPT= dropped 1.2% to $1,873.84, and palladium XPD= fell 0.2% to $1,350.82.
Gold edges higher as investors await U.S. inflation data
Gold edged higher on Thursday, supported by a softer dollar, while investors awaited key U.S. inflation data for clues on the Federal Reserve's interest rate path.
Spot gold XAU= ticked up 0.1% to $4,405.09 per ounce by 0824 GMT, while U.S. gold futures GCcv1 fell 0.3% to $4,448.80.
"A slightly weaker dollar is helping gold, as the yellow metal is most of the time negatively correlated to the greenback, along with global debt concerns that continue to support demand," said UBS analyst Giovanni Staunovo.
The U.S. dollar index softened, making greenback-priced bullion more affordable for buyers overseas.
Markets now await U.S. producer price index data due at 1230 GMT, followed by the consumer price inflation data scheduled for Friday.
"If they miss the mark to the upside, expect a hike next week, which would put pressure on gold," said Rhona O'Connell, head of market analysis at StoneX.
The Fed is likely to hold interest rates steady at its September 15-16 meeting and for the rest of this year, according to a majority of economists in a Reuters poll.
Still, traders are pricing in about a 60% chance of a rate-hike next week, according to the CME FedWatch Tool.
Geopolitics, debt concerns and ECB policy add to market backdrop
On the geopolitical front, U.S. President Donald Trump said he expected the war with Iran to end after the November U.S. midterm elections and threatened again to attack a site associated with Iran's nuclear programme. Brent crude prices hovered above $100 a barrel.
