Gold Prices Steady as Investors Await US Inflation Data

Gold prices held steady in early Asian hours on Thursday as investors waited for key US inflation data, which could impact the Federal Reserve's interest rate decisions. Spot gold was near $4,396.69 per ounce at 0015 GMT, while U.S. gold futures for December delivery were down 0.4% at $4,440.80.

The US producer price index data is due at 1230 GMT, followed by consumer inflation figures on Friday. The Federal Reserve has signaled that it will maintain its interest rate steady at the September 15-16 meeting and for the rest of the year, according to a Reuters poll.

The European Central Bank is set to raise interest rates on Thursday for the second time this year, aiming to combat inflation triggered by the Iran war. The global platinum market will swing to a surplus for the first time since 2022 due to weaker investment and jewelry demand, the World Platinum Investment Council said.