Gold prices slightly up ahead of US inflation statistics

Gold prices rose slightly on July 11 morning, Report informs referring to the auction data.

At the same time, the dollar index is declining ahead of the publication of inflation data in the US.

The price of August gold futures on the New York Comex exchange rose by $3 (0.16%) to $1,934 per troy ounce. September silver futures rose 0.38% to $23.433 an ounce.

The dollar index (the exchange rate against a basket of currencies of six US trading partners) is down 0.18% to 101.79 points. The depreciation of the dollar makes gold more affordable to buy in another currency.

On July 12, investors expect the release of statistics on inflation in the US. Analysts suggest that in June, consumer prices rose by 3.1% in annual terms after increasing by 4% a month earlier, and in monthly terms by 0.3% after rising by 0.1% in May.

A slowdown in annual inflation may contribute to the early completion of the US Federal Reserve's (FRS) monetary policy tightening cycle. However, this month is still expected to increase the rate. According to the CME Group, 92.4% of analysts are considering a 25-basis point Fed rate hike in July from the current 5-5.25%. As of December, 53.8% of analysts allow the rate at the level of 5.25-5.5%.