Gold Holds Steady as Investors Await Key US Inflation Data

Gold prices held steady on Wednesday after reaching a more than three-month high in the previous session, as investors awaited a key US inflation report to gauge the Federal Reserve's interest-rate path.

The spot gold price was little changed at $4,652.39 per ounce, while US gold futures were up 0.3% at $4,709.20.

Investors are looking for guidance from the Fed on its monetary policy, with the release of the US Personal Consumption Expenditures (PCE) price index for July due at 1230 GMT.

The most supportive outcome for gold would be softer-than-expected inflation combined with a dovish or balanced message from Fed Chairman Kevin Warsh, according to Wael Makarem, financial markets strategists lead at Exness.