Gold Prices Steady Near $4,175 Ahead of US Inflation Data
Gold prices remained relatively stable near $4,175 on Wednesday as investors awaited US inflation data for guidance on the Federal Reserve's next move. According to Mettis Global, spot gold is currently up 1.12% to $4,174.86 per ounce.
The stronger US dollar has been putting pressure on bullion this month, making it more expensive for buyers holding other currencies due to its monthly gain.
A 25-basis-point rate hike by the Fed earlier this month and the central bank's goal of bringing inflation back to the 2% target have also contributed to gold's current appeal. New York Fed President John Williams stated that policymakers would likely require just one more hike this year to achieve their objective.
Other precious metals, including silver, platinum, and palladium, experienced slight declines in price as well.