Gold Holds Steady Ahead of Key US Inflation Data

Gold prices remained largely unchanged in early Asian trade on Wednesday as investors awaited key US inflation data for clues on the Federal Reserve's interest-rate path.

The spot gold price was almost flat at $4,654.17 per ounce, while US gold futures rose 0.4% to $4,711.40.

Traders are pricing in a 60.4% chance that the Fed will leave rates unchanged next month, according to the CME FedWatch Tool.

This increased appeal for gold as a non-yielding asset, which tends to perform well when interest rates are low.