Sana'a: Gold prices rose slightly on Wednesday, supported by a weaker dollar after moderate US inflation data reinforced bets on a September interest rate cut, while investors awaited US-Russian talks this week on the war in Ukraine. Gold: Spot gold rose 0.1% to $3,349.83 per ounce, while US gold futures for December delivery settled at $3,398.90.
According to Yemen News Agency, the movement in the gold market was influenced by the latest US inflation data, which suggested a potential interest rate cut by the Federal Reserve in September. This has led to a weakened dollar, providing support to gold prices. Additionally, investors are closely watching the upcoming meeting between US President Donald Trump and Russian President Vladimir Putin, as discussions are expected to focus on the ongoing conflict in Ukraine.
In other precious metals, market activity showed varied trends. Spot silver experienced a rise of 0.8%, reaching $38.17 per ounce. Conversely, platinum saw a slight decline of 0.1%, landing at $1,335.82 per ounce. Meanwhile, palladium prices remained stable, settling at $1,129.37 per ounce.