Gold rises as dollar retreats

Gold prices rose during yesterday's trading, supported by a decline in the dollar following the release of US inflation data, which tempered market expectations of an additional interest rate hike, though the precious metal is still on course to record its fourth consecutive weekly loss.

Spot gold rose 0.51% to $4,046.70 per ounce, while US August gold futures climbed 0.35% to $4,061.40.

The support came after the release of the US Personal Consumption Expenditures (PCE) price index data — the Federal Reserve's preferred inflation gauge — which showed an annual increase of 4.1% over the twelve months to May.

This pushed the dollar back from its recent highs, as the probability of a rate hike in September fell to around 60% from 64% before the data was released, according to the CME Group's FedWatch tool.

Silver rose 0.42% to $58.1109 per ounce, while platinum gained 0.21% to $1,604.45.