Gold, silver rise as dollar falls, inflation concerns ease

April gold futures rose 2.71%, or $138.4, to $5,242.1 an ounce

Gold and silver prices climbed at Tuesday’s settlement, supported by a weaker dollar and easing inflation concerns amid lower oil prices, following US signals that the Middle East conflict could end soon.

April gold futures rose 2.71%, or $138.4, to $5,242.1 an ounce.

March silver futures gained 6%, or $5.05, to $89.083 an ounce, marking a third consecutive session of gains.

The moves were fueled by a drop in the dollar index after US President Donald Trump indicated that the war with Iran might soon conclude.

Lower oil prices, influenced in part by the International Energy Agency’s consideration of releases from member-country reserves, also helped ease fears of an inflation spike that could prompt central banks to tighten monetary policy.

Investors are now focusing on US consumer price index and core personal consumption expenditures data scheduled later this week, ahead of the Federal Reserve’s policy meeting on March 17-18, where rates are widely expected to remain unchanged.