New York:Gold prices saw an increase on Thursday, reaching $4,165 per ounce, driven by softer-than-expected US inflation data that diminished the likelihood of a Federal Reserve interest rate hike this month.

According toEmirates News Agency, spot gold experienced a rise of 0.2 percent, closing at $4,165.29 per ounce. US gold futures for December delivery also saw an increase, settling 0.4 percent higher at $4,202.30.

The rise in gold prices was accompanied by movements in other precious metals. Spot silver increased by 0.2 percent to $60.51 per ounce, and platinum saw a slight rise of 0.1 percent to $1,707.56. In contrast, palladium experienced a decline of 2.2 percent, falling to $1,178.57 per ounce.