Gold prices rose on Tuesday, resuming gains after taking a pause yesterday due to profit-taking, to rise once more near a 4-week high, as the US dollar fell against most of its rivals.

Gold prices rose 0.55% to $1,819.21 an ounce, after opening at $1,809.21, and hit a high of $1,808.64.

Gold closed lower by 0.4% on Friday, the first loss in 3 days, due to correction and profit-taking from its 4-week high of $1,823.30 an ounce.

The dollar index fell 0.3% today, deepening its losses for the third straight day, and hit its 1-month low at 92.41 points against a basket of its peers. 

Fed Chairman Jerome Powell stated that the Fed will start tapering its asset purchases before the end of 2021, but will not start to raise interest rates soon.

Powell added that such a step won't pace the way for quick rate hikes, because such a step requires much stricter tests for economic performance. 

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the lowest level since April 9 at 1,001.72 metric tonnes.

Euro rose in European trade for the third straight session against dollar, marking four-week highs amid increased inflationary pressures in Europe as prices spiked in August. 

EUR/USD rose 0.3% to 1.1832, the highest since August 6, after closing up 0.1% yesterday, the second profit in a row. 

The dollar index fell over 0.2% on Tuesday for the third straight session, marking month lows at 92.46 against a basket of major rivals. 

The decline comes as dollar demand slows down following recent bearish remarks by Fed Chair Jerome Powell, which pushed forecasts for a rate hike farther away.

In Europe, consumer prices rallied 3% in August, the fastest such increase since November 2011, and outstripping estimates of 2.7%. 

The data increases pressure on policy makers in Europe and might force the Fed to cut its bonds purchases program sooner than expected. 

Oil prices fell on Tuesday, due to profit-taking from the 2-week high hit yesterday, while fears eased over Hurricane Ida that hit the Gulf of Mexico region in the US.

US crude fell 1.2% to $68.32 barrel, after opening at $69.12, and hit a high at $69.32, and Brent crude fell 2.7% to $71.42 a barrel, after opening at $73.38, and hit a low at $73.46.

The US crude gained 0.7% yesterday, and hit a 4-week high at $69.60 a barrel, and Brent crude rose 0.8%, and hit the highest since August 3 at $73.67.

Hurricane Ida weakened to a Category 1 tropical storm within 12 hours of hitting the coast, which will lead to the return of operations in the US largest oil-producing region.

Oil companies working in the Gulf of Mexico had to shutdown more than 95% of their operations, which are around 1.75 million barrels per day, according to the US Bureau of Safety and Environmental Enforcement, after Hurricane Ida hit the region.

The Gulf of Mexico's oil production is around 17% of the total US production, which is currently at about 11.4 million barrels per day.

Most of the US stock indices, except Dow Jones, closed higher on Monday, with focus on Hurricane Ida.

The markets are focused on Hurricane Ida that hit the eastern south of the US, and led to disrupting airports and trains, power outages and oil production in the Gulf of Mexico.

Bearing in mind that the US suffers around $438 billion of losses due to hurricanes during August alone, according to the latest reports.

Federal Reserve Chairman Jerome Powell said during the Jackson Hole Conference that the Fed will start tapering its asset purchases before the end of 2021, but will not start to raise interest rates soon.

To the oil market, WTI crude October futures rose 0.7% or 47 cents, and closed at $69.21 a barrel.

Brent October futures rose rose 1% or 71 cents, and closed at $73.41 a barrel.

As for stocks, Dow Jones fell 0.1% or 55 points, and closed at 35,399, with a day high of 35,510, and a low of 35,374.

S&P 500 rose 0.4% or 19 points to 4,528, after hitting a high of 4,537, and a low of 4,513.

Nasdaq rose 0.9% or 139 points to 15,265, with a high of 15,288 and a low of 15,165.