Gold Holds Ground Amid Muted US Inflation Data

Gold prices have held their ground following the release of US Consumer Price Index (CPI) data, which showed inflation pressures remain elevated but unchanged from previous months.

The CPI rose 0.4% in August, matching economists' expectations, while core CPI, excluding volatile food and energy prices, increased by 0.3%, slightly above forecasts.

Despite the lukewarm reaction to the data, gold has managed to find its footing and is trading up over 1.5% at $4,381.10 an ounce as of 9:10 am.

Analysts are divided on whether a potential rate hike by the Federal Reserve next week will impact gold prices, with some arguing that any dip in the metal's price should be seen as a buying opportunity due to its safe-haven status and limited downside risk.