Gold Prices Edge Upward as Investors Await Key US Inflation Metrics

Gold prices saw a modest lift on Tuesday, September 8, supported by a weakening US dollar that increased the appeal of bullion for international buyers. As of 0645 GMT, spot gold climbed 0.1 per cent to US$4,407.27 per ounce, though US gold futures for December delivery dipped 0.6 per cent to US$4,452.10. Market participants are currently holding a cautious stance, awaiting the release of the Producer Price Index on Thursday and the Consumer Price Index on Friday, which are expected to influence the Federal Reserve's upcoming monetary policy decisions. Current data from the CME FedWatch tool indicates a 58.4 per cent probability of a rate hike at next week's meeting. Despite recent strong US jobs data—which showed a steady 4.1 per cent unemployment rate—analysts suggest that geopolitical tensions, including recent escalations between the US and Iran, continue to influence market sentiment. In the broader metals market, silver rose 0.1 per cent to US$66.21, while platinum and palladium saw declines of 0.1 per cent and 0.2 per cent, respectively. Notably, BMI has revised its 2026 outlook downward for both platinum and palladium, citing concerns over soft automotive demand and improving supply chains.