Softer dollar lifts gold to $4,428

September 10, 2026 (MLN): Gold moved higher on Thursday as a softer dollar lent support to the metal, with investors holding back ahead of a key U.S. inflation reading that could steer the Federal Reserve's next move on interest rates.

Currently, spot gold is up 1.36% to $4,428.02 an ounce as of [11:03 am] PST, according to data reported by Mettis Global.

The dollar stayed weak through the session, which typically works in gold's favour since it lowers the cost of the metal for buyers holding other currencies.

Attention now turns to the U.S. producer price index, due at 1230 GMT, ahead of Friday's consumer inflation release, according to CNBC.

The CME FedWatch Tool put the odds of a U.S. rate hike this month at 60 %, a scenario that would typically weigh on bullion given that non-yielding assets tend to lose appeal when borrowing costs rise.

Fiscal concerns added to the backdrop after total U.S. government debt crossed $40tr for the first time last month, reviving warnings over the sustainability of federal finances.

Geopolitical risk also stayed elevated. Iran said it had struck 10 vessels near the Strait of Hormuz on Wednesday, responding to the U.S. military's destruction of five Iranian oil tankers  marking the sharpest escalation in shipping attacks between the two sides since their six-month conflict began.

Elsewhere in metals, spot silver added 0.2 % to $67.42 an ounce, platinum eased 0.6 % to $1,885.02, and palladium ticked up 0.2 % to $1,355.50.

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