Gold rises at settlement as US inflation slows

Gold bars

Gold prices turned higher at settlement today, March 12, supported by uncertainty about US tariffs and US inflation data, which revived hopes for a resumption of the monetary easing cycle.

Bullion for April delivery gained 0.9%, or $25.9, to finish at $2,946.80 per ounce, after touching $2,911 apiece earlier in the session.

This came despite the 0.2% hike in the US dollar index, which gauges the greenback's strength against a basket of six currencies, to 103.60 points at 10:02 pm Makkah time.

Recent data showed that the US consumer price index soared 2.8% year-on-year (YoY) in February, against expectations of a slowdown to 2.9%, from 3% in January.

On the trade policy front, President Donald Trump's tariff increases on all US steel and aluminum imports took effect today.