Gold prices steady ahead of US inflation data
Gold prices remained steady on Monday amid investors' anticipation of U.S. inflation data set to be released later this week, which will help determine the Federal Reserve's interest rate path. The spot price of gold stood at $4,424.40 per ounce, with a 58% probability of a rate hike at the central bank meeting on September 15-16, after U.S. labor market data showed strong and stable growth, increasing the likelihood of a rate increase. The gold market was influenced by a desire to hedge against inflation, despite the fact that rising interest rates tend to reduce its attractiveness, as market participants await the inflation data scheduled for release this week.
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