Gold rises for third day ahead of U.S. inflation data
Istanbul, July 11 (Hibya) Gold prices climbed for a third straight session on Thursday, helped by a weaker U.S. dollar ahead of inflation data that will determine whether the Federal Reserve will lower interest rates this year.
Spot gold gained 0.5 percent to $2,383.63 per ounce. U.S. gold futures rose 0.4 percent to $2,389.00. The dollar edged 0.2 percent lower, making the greenback-priced bullion more attractive for other currency holders.
Fed Chair Jerome Powell, over his two days of commentary before the Senate and House committees that oversee the central bank, indicated the Fed was edging closer to a rate cut decision, while insisting that he was not yet ready to declare that inflation had been beaten.
In his second day of testimony on Capitol Hill, Powell appeared Wednesday before the U.S. House Financial Services Committee to present the Fed's semiannual Monetary Policy Report.
Wall Street is now preparing for Thursday's release of Consumer Price Index inflation data, as well as the weekly report tracking new unemployment insurance claims. Market sentiment has projected a 75 percent likelihood of an interest rate cut in September.
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