Gold rises amid anticipation of US Federal Reserve chairman's remarks

Gold prices rose on Thursday after falling more than one percent in the previous session, as markets awaited comments from Federal Reserve Chair Jerome Powell this week.

Prices had declined on Wednesday after data showed that U.S. inflation remains elevated.

Annual inflation in the United States unexpectedly held steady in July at a level far above the central bank’s two percent target, marking the 65th consecutive month.

The halt in the downward trend, driven by the latest surge in oil prices stemming from the Iran war, is likely to intensify debates within the central bank over whether to raise interest rates or keep them unchanged.