Gold prices rose by about 1 percent today, with increasing demand for the precious metal due to the decline in the dollar and lower bond yields, amid investors’ anticipation to reveal US inflation data.
Gold in instant transactions rose 0.9% to $1982.46 an ounce, after touching its highest level since March 24, at $1984.19.
US gold futures rose 0.8% to $1,983.10.
The dollar index fell 0.5%, which makes the precious metal cheaper for buyers holding other currencies, while US Treasury yields for ten years also fell.
Among other precious metals, silver rose in spot trading 2.3% to $23.89 an ounce. Platinum rose 1.8% to $984.31, and palladium increased 1.7% to $1,464.63.
Gold had risen above $2,000 after the sudden collapse of two US banks this month, but has given up the gains since then as the authorities intervened with bailout measures.
Market participants are now awaiting Friday’s US PCE data, which is the US Federal Reserve’s preferred inflation measure, in search of more clues on monetary policy.