Gold Holds Steady Ahead of Key US Inflation Data and Fed Meeting

Gold prices remained steady on Wednesday at $4,652.39 per ounce as investors awaited the release of key US inflation data to gauge the Federal Reserve's interest-rate path.

The Fed's preferred inflation gauge, the US Personal Consumption Expenditures (PCE) price index for July, is due out at 1230 GMT, and traders are closely watching for any signs that may influence the Fed's decision on interest rates.

According to Wael Makarem, financial markets strategists lead at Exness, a softer-than-expected inflation reading combined with a dovish message from Fed Chairman Kevin Warsh could boost gold prices by reducing the opportunity cost of holding non-yielding assets.