Doha: Gold edged higher on Wednesday, supported by a weaker dollar after mild US inflation data cemented bets for an interest rate cut in September. Spot gold was up 0.2% at $3,351.46 per ounce, and US gold futures for December delivery were steady at $3,399.60.

According to Qatar News Agency, the movement in gold prices came as investors reacted to the latest US economic data, which showed mild inflation numbers. This development increased speculation about a potential interest rate cut by the Federal Reserve in the coming month, leading to a decrease in the value of the dollar and a subsequent rise in gold prices.

Elsewhere in the precious metals market, spot silver rose by 0.8% to $38.17 per ounce. Meanwhile, platinum experienced a slight decline, easing 0.1% to $1,335.82, and palladium remained unchanged at $1,129.37. These movements reflect broader market trends as investors continue to adjust their positions based on economic data and currency fluctuations.