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Forex

Gold Holds Steady Ahead of US Inflation Data Release

Guavy AI Editorial Team
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USD JPY
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Gold prices have remained steady above $4,400 as traders seem hesitant ahead of Thursday's US inflation data release. The dollar remains depressed due to a Bank of Japan-inspired rally in the Japanese yen, which has lent some support to gold.

The upcoming US Producer Price Index (PPI) report on Thursday and Consumer Price Index (CPI) on Friday are expected to provide more clues about the Federal Reserve's policy path. This will likely influence dollar price dynamics and offer fresh impetus to gold.

Markets are pricing in a 60% chance of a US interest rate hike at the upcoming policy meeting on September 15-16, following the better-than-expected US Nonfarm Payrolls report last Friday.

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