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Gold prices moved higher on Tuesday as a strong rally in the Japanese yen pressured the U.S. dollar, boosting demand for dollar-denominated bullion. Gains remained limited, however, as rising energy prices fueled concerns about persistent inflation.
Spot gold climbed 0.5% to $4,430.40 an ounce by 22:08 ET (02:08 GMT), while gold futures were nearly unchanged at $4,475.61. Silver gained 0.9% to $66.79 an ounce, while platinum advanced 0.8% to $1,838.48. The U.S. Dollar Index declined 0.2% to 98.76.
The Japanese yen extended its recent surge and approached its strongest level of the year as traders increased bets that the Bank of Japan could raise interest rates. The currency's strength weighed on the dollar, providing support for gold prices because a weaker greenback makes bullion more affordable for buyers holding other currencies.
Tuesday's advance helped gold recover from losses in the previous session. Bullion has largely traded around the $4,400 level after falling sharply last week and remains above its July floor near $4,000.
However, renewed inflation concerns are limiting gold's upside. Oil prices strengthened amid fresh tensions between the United States and Iran and risks surrounding shipping through the Strait of Hormuz. Brent crude approached $100 a barrel, raising concerns that higher energy costs could keep inflation elevated.
Investors are now focused on upcoming U.S. consumer price index data, which could influence expectations for the Federal Reserve's next policy decision. Markets currently see roughly a 60% probability of a Fed rate hike next week following stronger-than-expected U.S. nonfarm payrolls data.
IG senior market analyst Tony Sycamore said strong employment figures and higher energy prices could push U.S. Treasury yields higher, potentially creating additional pressure on gold.
Meanwhile, central bank buying continues to support the precious metal. The People's Bank of China accelerated its gold purchases in August, recording its largest monthly addition since 2023 despite elevated bullion prices.
