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Gold remains steady before US inflation report
Gold prices remained stable ahead of the US Consumer Price Index (CPI) data, which is expected to provide indications about the Federal Reserve's future monetary policy. Gold held steady at $4,165.25 per ounce, with futures rising to $4,188.70. Although price movements do not suggest any significant change, they reflect the yellow metal's attempt to find a reason to rise amid rising oil prices and geopolitical tensions following an attack on a building belonging to Saudi Aramco. Gold movements are contingent upon the upcoming US inflation data and the Fed's signals regarding potential interest rate hikes; markets currently assign a 22% probability of a rate increase this month and an 88% chance in December, amid decreasing attractiveness of gold as a hedging tool due to rising interest rates.
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