Gold Stabilizes Ahead of US Inflation Data, Rate Hike Uncertainty

Gold prices were largely unchanged in early Asian trade on Wednesday as investors awaited key US inflation data for clues on the Federal Reserve's interest-rate path.

The spot price of gold was at $4,654.17 per ounce, while US gold futures rose 0.4% to $4,711.40.

The Fed's preferred inflation gauge, the US Personal Consumption Expenditures (PCE) price index for July, is due at 1230 GMT and is expected to provide insight into the central bank's interest-rate decisions.

Traders are pricing in a 60.4% chance that the Fed will leave rates unchanged next month, according to the CME FedWatch Tool.