Gold prices have updated a three-month high

Gold prices are showing growth on Tuesday, reaching a three-month high at $1.786 per troy ounce. The last time such price values were reached on August 16. 

Analysts note that the main driver of prices for the precious metal is the weakening of the US dollar. In particular, the ICE U.S. Dollar index, which tracks the dynamics of the dollar against six major world currencies, falls by about 0.8% during trading.

In addition, the decline in the yield of US government bonds contributes to the growth of gold quotations. 

Gold began its strengthening last week, after the release of inflation data in the United States. Consumer prices (CPI index) in October increased by 7.7% compared to the same month last year after an increase of 8.2% in September. Thus, inflation slowed to the lowest since January and turned out to be significantly lower than market forecasts. 

Such dynamics of the indicator raised investors' hopes that the Fed would slow down the pace of monetary policy tightening, which caused a significant weakening of the US currency. 

Silver is also showing a decline today: futures for December delivery fell 0.9% to $21.79. Palladium and platinum, on the contrary, rose in price: to $2.117 and $1.044 per ounce, respectively.