PRECIOUS-Gold climbs on subdued US dollar as inflation data awaited amid oil rally

Among other metals, spot silver XAG= gained 2.4% to $67.33 per ounce, platinum XPT= climbed 5.3% to $1,909.83, and palladium XPD= rose 0.7% to $1,358.24.

The global platinum market will swing to a surplus for the first time since 2022 this year due to weaker investment and jewellery demand, the World Platinum Investment Council said.

Sept. 9 (Reuters) - Gold climbed more than 1% on Wednesday as the dollar remained under pressure, while investors awaited key U.S. inflation data this week that would provide clues to the Federal Reserve's monetary policy amid an oil price rally.

Spot gold XAU= rose 1% to $4,399.10 per ounce by 12:02 p.m. EDT (1602 GMT), while U.S. gold futures GCcv1 for December delivery gained 0.1% to $4,443.20.

"There has been a bit of supportive scenario for the gold market as the dollar has been under some light pressure as of late," said David Meger, director of metals trading at High Ridge Futures.

The dollar hovered near a two-week low, making greenback-denominated gold less expensive for holders of other currencies, as traders grappled with oil prices breaking above $100 per barrel in the face of a widening war in the Middle East. USD/ O/R

"This time, higher prices (oil) have an inflationary push but the reason, i.e. freight and supply chain disruption, is leading to higher bond rates because overall monetary policy is aimed more closely at containing inflation than it has at times in the past," said Rhona O'Connell, head of market analysis at Stone X.

The benchmark U.S. 10-year Treasury yields climbed to its highest level since November 2023 before easing. US/