Commodities
Gold Steadies Near $4,400 as Traders Weigh Fed Rate-Hike Path
Gold prices steadied near $4,400 on September 9-10 as traders weighed the path of Federal Reserve rate hikes.
The US inflation report and surging crude oil prices reinforced bets that the Fed will raise interest rates this month, causing gold to drop by as much as 1.7%.
The latest producer price data showed mostly in-line price increases, while swap traders are now pricing in a roughly 70% chance of a hike at next week's meeting, up from about 60% earlier on Thursday.