Gold climbs above $4,450 as dollar weakness revives bullion appeal

Gold climbed above $4,450 an ounce on Wednesday, supported by renewed weakness in the US dollar, which enhanced the appeal of the greenback-priced bullion for overseas buyers. The dollar?s retreat was driven largely by a sharp appreciation in the Japanese yen this month, alongside cautious positioning ahead of a busy central-bank calendar. The Federal Reserve, European Central Bank and Bank of Japan are all expected to raise interest rates this month, keeping monetary-policy expectations firmly in focus. Meanwhile, investors await key US inflation data for further direction on the Fed?s policy trajectory. The dollar index steadied around 98.5 after its recent decline, as surging oil prices revived inflationary concerns and reinforced expectations of a rate hike. Against this backdrop, MCX October bullion futures rose 0.3% to ₹153,012 per 10 grams.

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