Gold prices modestly up ahead of US data

Gold prices posted a modest gain today, July 13, as the US dollar declined ahead of the release of inflation data on US producer prices.

This came ahead of today's release of the US inflation reading, which is likely to show core inflation easing to 5% in July from 5.3% in the month before, well above the Federal Reserve’s 2% target.

Bullion for August delivery surged 0.16%, or $3.20, to $1,964.90 an ounce at 11:48 am Makkah time. Additionally, spot prices rose 0.22% to $1,961.58 per ounce, the highest level since June 16.

Similarly, silver futures for September delivery climbed by 0.58% to $24.45 an ounce, with platinum spot prices also up 0.89% to $963.04 per ounce.

Meanwhile, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, plunged by 0.28% to 100.23 points.

Today, investors are awaiting the release of the US weekly jobless claims reading, with expectations of a rise to 251,000 applications. June data for the producer price index is also due today, amid forecasts for a 0.2% uptick on a monthly basis.