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Gold price rises on softer dollar as market awaits more US data

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Gold prices rose nearly 1% on Wednesday on a softer US dollar, with investors shifting focus to economic data due this week for fresh signals on the timing of the Federal Reserve’s rate cuts.

The dollar index, meanwhile, was down 0.2%, making bullion more attractive to buyers holding other currencies. The tech-heavy Nasdaq exchange also took a big hit on Wednesday. Investors are looking forward to the US GDP report for the second quarter due on Thursday, followed by last month’s personal consumption expenditures, for clues on the Fed’s interest rate cut path.

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