Gold Gains on Dollar Weakness

Gold prices have stabilized near $4,400 per ounce after rising by 1% in the previous session, amid anticipation of U.S. inflation data that could influence the Federal Reserve's decision on interest rate hikes. Despite a rise in U.S. Treasury yields and escalating tensions in the Middle East, gold has remained within a narrow range since July, with some investors favoring it as a long-term hedge. The market estimates a 65% chance that the Federal Reserve will keep interest rates unchanged at its upcoming meeting, with inflation data being closely watched before making new decisions. Gold continues to be an important tool for hedging against currency devaluation and expected inflation.

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