Gold Waits On US CPI As Oil Adds Inflation Pressure

Gold prices remain near a record high as traders wait for the US Consumer Price Index (CPI) report, set to be released at 1230 GMT. The market is split on the Fed's next move, with implied odds of a September hike down to about 48% after a softer jobs report.

The price of gold has edged up to $4,377.79 an ounce, nearing its 100-day moving average near $4,387. If the CPI data shows higher inflation, it could push real yields higher and make bonds and cash more attractive than bullion.

Oil prices are also adding pressure with crude oil pushed higher by Middle East tensions. Higher energy prices can seep into broader inflation over time, lifting inflation expectations and strengthening the case for the Fed to stay restrictive.