Gold Prices Firm Ahead of Key US Inflation Data
Gold prices held steady in early Asian trading on September 10th as market participants awaited key US inflation data that could influence the Federal Reserve's interest rate path. The CME's FedWatch tool shows markets pricing in a 60 percent probability of a US rate hike this month.
Higher interest rates typically erode the appeal of non-yielding assets like gold, but spot prices remained nearly flat at $4,396.69 per ounce. US gold futures for December delivery slipped 0.4 percent to $4,440.80 per ounce.
The European Central Bank appears set to raise rates today for the second time this year as it seeks to counter an inflation surge driven by higher energy prices. Spot silver held steady at $67.30 per ounce, platinum rose 0.1 percent to $1,897.57 per ounce, and palladium gained 0.2 percent to $1,355.44 per ounce.