Gold Holds Steady Below $4,400 Amid Cooling Inflation Concerns

Gold prices remained steady on Thursday, retreating to just below $4,400 an ounce. Despite a slight dip from its recent high, gold is still poised for its second week of gains. The reason behind this stability lies in the cooling US inflation numbers, which have reduced pressure on the Federal Reserve to pursue a more aggressive monetary policy.

Investors are keeping a close eye on the Fed's upcoming decisions and events that could impact prices. One such event is Chairman Kevin Warsh's remarks at the central bank's annual Jackson Hole symposium later in August. The chance of a Fed rate hike in September sits at about one-in-three, leaving investors waiting for job reports to get more clues.

Central banks, particularly China, have been buying more gold lately, which is helping maintain demand. However, if interest rates remain high or Middle East tensions drive up energy costs, gold prices could face some bumps ahead.