Gold is getting support from weak inflation data

The global price of gold remained stable as the US dollar remained relatively unchanged. The US Dollar Index, which measures the dollar's volatility against six major currencies, stood at 99.570 points, down 0.04%.

Gold has been supported by recent weak inflation data. However, investors should exercise caution until the US Federal Reserve makes a final decision on whether to stop raising interest rates.

With political instability around the world, gold is increasingly becoming a preferred reserve asset due to its lack of political risk and immunity to price manipulation in currency wars.

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Gold has been considered a highly valuable commodity for millennia and the gold price is widely followed in financial markets around the world.

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Mostly quoted in US Dollars (XAU/USD), gold price tends to increase as stocks and bonds decline.

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The metal holds its value well, making it a reliable safe-haven. It’s traded constantly based on the intra-day spot rate.

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