Gold Prices Steady Near $4,400 Amid Fed Rate Hike Fears

Gold prices remained steady near US$4,400 as traders weighed the impact of cooling US economic data and energy-led inflation pressure on the Federal Reserve's interest-rate path.

The latest US data showed declines in both consumer sentiment and retail sales, easing fears of an imminent rate hike, which is typically a headwind for non-yielding bullion.

However, the risk of monetary tightening remains alive due to ongoing volatility in the global energy supply outlook. The Strait of Hormuz has seen more ships come under attack, while the US prepares to impose new measures aimed at crippling Iran's economy.

The minutes of the Fed's July policy meeting are set for release on Wednesday, providing some clarity on rate considerations.