Gold steady ahead of US inflation data
Gold prices stabilized today as markets awaited US inflation data set to be released this week. The data indicates that the US labor market is improving, with rising job growth and the unemployment rate holding steady at 4.1%. This has led to expectations that the Federal Reserve may increase interest rates by 58%, which diminishes gold's appeal as an inflation hedge. The spot price of gold reached $4,424.40 per ounce, while futures declined slightly by 0.1% to $4,471.60. Additionally, forecasts suggest that rising interest rates will affect other precious metals, with silver prices remaining stable, platinum seeing limited gains, and palladium declining.
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