Gold Prices Steady as Investors Await Inflation Data

Gold prices steadied on Tuesday after reaching a two-month high earlier in the session. The precious metal was trading at $4,386.13 an ounce, little changed from its highest level since June 5. U.S. gold futures rose 0.6% to $4,444.70.

Investors are awaiting U.S. inflation data due on Wednesday and producer price data on Thursday for further clues on the Federal Reserve's policy outlook. A hotter-than-expected inflation print could justify an interest rate hike at the Fed's next meeting, putting downward pressure on gold prices.

Saxo Bank analyst Ole Hansen said the precious-metals outlook is showing signs of improving, with ongoing structural demand and a more supportive macro environment.