Baghdad: Gold prices rose slightly at the start of Asian trading today, buoyed by a weakening dollar and recent US economic data that tempered expectations for a potential interest rate hike in September.

According to National Iraqi News Agency, spot gold increased by 0.3% to reach $4,388.62 per ounce. In parallel, US gold futures for December delivery saw a rise of 0.2%, reaching $4,444.30. The depreciation of the US dollar played a significant role in this upward movement, as the dollar index fell by 0.1%. This decline in the dollar made gold, which is priced in dollars, more affordable for investors using other currencies.

In addition to gold, other precious metals experienced gains in the market. Spot silver saw an increase of 0.8%, trading at $65.19 per ounce. Platinum also rose by 0.4%, reaching $1,755.40, while palladium experienced the most significant gain, climbing 1.2% to $1,329.

These movements in the precious metals market reflect a broader trend where the weakening dollar and altered expectations for US monetary policy are influencing investment strategies. Investors are closely monitoring these economic indicators as they adjust their portfolios in response to changing market conditions.