Forex
Gold Price Holds Steady Ahead of Crucial US Inflation Data
Gold prices remained steady on Wednesday at $4,652.39 per ounce as markets awaited crucial U.S. inflation data and Fed Chair Kevin Warsh's speech at the Jackson Hole Economic Symposium.
The previous session saw gold touch a three-month high, but market participants are now focusing on upcoming Personal Consumption Expenditures (PCE) inflation data, which is closely watched by the Federal Reserve.
U.S. Treasury's announcement to expand its buyback program for long-term bonds provided some support to bullion, while oil prices faced downward pressure after Iran announced talks with Oman regarding the Strait of Hormuz.