At 12:30 GMT, the US economy released its reading for the consumer price index, which rose by 0.6% in May, higher than forecasts of 0.4%, but lower than the previous reading of 0.8%. 

The core reading (excluding food and fuel prices) rose by 0.7%, higher than forecasts of 0.5%, and lower than the previous reading of 0.9%. This data is positive for the US dollar.

The US dollar rose on Thursday, on track for the second profit in three days against a basket of major rivals, ahead of the release of key US inflation data. 

The dollar index rose 0.2% to 90.28 points, after opening at 90.14 points, and hit a low of 90.12 points.

The US dollar closed flat yesterday, after it gained 0.2% the previous day, following weak data in Europe and China.

Investors expect US inflation data to lead to policy tightening by the Fed early next year by reducing bond purchases. 

At 12:30 GMT, the US consumer price index is expected up by 4.7% y/y in May from 4.2% in April, and the monthly reading is expected up 0.4% from 0.8%.

Oil prices rose on Thursday, near touching several years highs, thanks to a drop in the US crude inventories, and ahead of the latest round of Iran's nuclear talks between world powers and the Iranian government.

US crude rose about 0.4% to $70.01, from the opening level at $69.74, and hit a low at $69.30, and Brent crude rose 0.5% to $72.32 a barrel, after opening at $71.97, and hit a low at $71.54 .

US crude lost 0.4% yesterday, after it hit a 3-year high at $70.60 a barrel, and Brent crude rose 0.1% after it hit the highest since May 2019 at $72.85.

The Energy Information Administration reported yesterday that the US crude inventories fell 5.2 million barrels during the past week, while analysts forecasts a drop by 3.3 million barrels.

The total commercial inventories fell to the lowest level since the week ending on February 19 at 474 million barrels.

While the US output rose 100K barrels last week, with the total at 11.0 million barrels per day.

The Iranian government and world powers will start a new round of intensive talks later today in Vienna aimed at paving the way for Tehran to return to full compliance with the 2015 agreement in exchange for lifting US economic sanctions on Iranian oil exports.

The European Union envoy coordinating the talks stated that he believed a deal would be concluded at the new round this week.

This comes after the former US President Donald Trump withdrew from the agreement in 2018 and re-imposed economic sanctions on Tehran.

Energy experts projected that Iran might add between 500,000 to 1.5 million barrels per day of oil once the US sanctions are lifted.

Gold prices fell on Thursday, deepening losses for the third straight day, weighed down by the rising US dollar and ahead of the release of key US inflation data.

Gold prices fell more than 0.6% to $1,876.52 an ounce, after opening at $1,888.77, and a high at $1,889.35.

Gold lost 0.2% yesterday, in the second straight daily loss, due to weak safe haven demand, despite a retreat in the US Treasury bond yields.

The dollar index rose 0.1% today, which weighs down on demand for dollar denominated metals.

Investors expect US inflation data to lead to policy tightening by the Fed early next year by reducing bond purchases. 

At 12:30 GMT, the US consumer price index is expected up by 4.7% y/y in May from 4.2% in April, and the monthly reading is expected up 0.4% from 0.8%.

Gold stocks at the SPDR ETF rose 5.83 metric tonnes yesterday, the largest daily increase since May 21, with the total at 1,043.16 metric tonnes.