Gold Price Today: Gold Hits $1,193.03 per Ounce

The gold price rose 0.3 percent on Tuesday, to $1,193.03 per ounce, as investors responded to weak US consumer spending data, Reuters reported. Meanwhile, US gold futures for August delivery ticked up to $1,193.30.

Those increases came as lackluster consumer spending pushed down the dollar’s value against a basket of foreign currencies. The shift puts increased pressure on US payroll data that will be released Friday. “People are still expecting a U.S. rate hike by the end of the year and then when you have weaker data then it tends to cause a little bit of panic,” Citi strategist David Wilson told the news outlet.