Gold settles higher as dollar backs off seven-week high in Asia

Gold futures tilted higher in Asian trade as the dollar index slipped from August 20 highs, ahead of US inflation data later today. 

As of 04:11 GMT, gold futures due in December rose 0.11% to $1,192.80 an ounce, while the dollar index shed 0.09% to 95.58 away from seven-week highs. 

Federal Reserve Bank of New York President John Williams spoke today about monetary policy at the Central Banking Forum, jointly-hosted by Bank Indonesia and the Federal Reserve Bank of New York, in Bali, where he noted that interest rate hikes help contain financial risks. 

He stated: "The primary driver of us raising interest rates is just the fact that the U.S. economy is doing so well in terms of our goals,”

Now investors await US producer prices data, expected with a 0.1% increase in September, compared to a 0.1% dip in August. 

Wholesale inventories are estimated with a 0.8% increase, compared to a 0.6% addition in July. 

Otherwise, the International Monetary Fund cut its forecasts for global growth for this year and the next for the first time in two years, with US and Chinese economies the most important downgrades alongside the euro zone due to rising trade protectionism.