Gold prices inch up amid softer US dollar

Gold prices nudged up today, Jan. 24, with the US dollar declining as traders have pared bets for rapid interest rate cuts by the Federal Reserve given the continued momentum of economic activity.

Bullion for February delivery advanced 0.33% to $2,032.50 per ounce at 11:49 am Makkah time, while spot prices remained flat at $2,030.73 an ounce.

Similarly, silver futures for March delivery jumped 1.37% to $22.77 per ounce, in tandem with a 0.53% hike in platinum spot prices to $909.47 an ounce.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.27% to 103.34 points.

All eyes are on today’s release of the monthly reading of the industrial and services purchasing managers’ indices in the US.