Gold Stalls Ahead of Crucial Inflation Data

Gold prices remained steady near $4,400 an ounce on Thursday, maintaining gains from the previous session. Investors are cautiously awaiting key US inflation readings that could provide insight into the Federal Reserve's next policy move.

The US producer price index report for August is due later today, followed by the consumer inflation report on Friday. The metal has found support from a weaker dollar and continued demand for its long-term hedging appeal despite near-term pressure from higher oil prices and bond yields.

Oil prices have climbed to multi-month highs as the US-Iran conflict intensified, stoking inflation concerns and strengthening expectations for near-term rate hikes. US Treasury yields also moved higher after the Treasury Department announced plans to buy back up to $6 billion in longer-term debt.