Gold Holds Firm as Markets Await US Inflation Data
Gold prices remained steady in early Asian trading on September 10 as investors awaited crucial US inflation data that could influence the Federal Reserve's interest rate decisions. Spot gold held nearly flat at $4,396.69 per ounce, while US gold futures for December delivery slipped 0.4 percent to $4,440.80 per ounce.
The upcoming producer price index data and consumer price inflation figures scheduled for Friday will be closely watched by markets. The CME's FedWatch tool indicates a 60 percent probability of a US rate hike this month. Higher interest rates typically reduce the appeal of non-yielding assets like gold, but investors remain cautious.
The European Central Bank is expected to raise interest rates today for the second time this year in response to an inflation surge driven by higher energy prices. Spot silver held steady at $67.30 per ounce, platinum rose 0.1 percent to $1,897.57 per ounce, and palladium gained 0.2 percent to $1,355.44 per ounce.