Gold climbs to two-month high as investors await US inflation data

BAGHDAD, Iraq — Gold rose for a third consecutive session on Tuesday, reaching its highest level in two months. Spot gold gained 1% to $4,432.74 per ounce, the highest price since June 5, while US gold futures advanced 1.7% to $4,492.60 per ounce. Investors are awaiting US consumer price index data due Wednesday and producer price index figures scheduled for Thursday. Market participants view the releases as likely to shape the Federal Reserve's interest rate guidance. Gold also drew support from safe-haven demand as efforts to reopen the Strait of Hormuz slowed and geopolitical tensions persisted. Among other precious metals, silver rose 0.9% to $66.30 per ounce, platinum gained 0.7% to $1,765.26, and palladium added 0.8% to $1,394.