Gold prices were steady in early Asian trading on Wednesday as investors awaited US consumer price data for signals that could influence the Federal Reserve’s next monetary policy decision.
Spot gold was unchanged at $4,161.05 an ounce by 0011 GMT, while US gold futures rose 0.2% to $4,185.
US consumer price index data are due at 1230 GMT, followed on Thursday by producer price and retail sales figures.
The CME Group’s FedWatch tool showed markets pricing in a 23% probability of a US interest rate hike this month, compared with an 88% probability in December.
Gold, which does not generate interest income, typically comes under pressure when interest rates rise.
New York Federal Reserve President John Williams said the US central bank may need to raise interest rates again this year as part of efforts to bring inflation down.
The International Monetary Fund warned Tuesday of significant risks to global growth and financial stability, citing the possibility of an end to the artificial intelligence investment boom, rising debt levels and the prospect of a prolonged conflict in the Middle East.
In regional developments, Saudi Arabia’s Energy Ministry said an administrative building belonging to state oil company Saudi Aramco was attacked in the eastern city of Dhahran, amid escalating fighting between Iran-aligned Yemen’s Houthi group and Saudi Arabia.
In other precious metals, spot silver fell 0.5% to $59.12 an ounce, platinum declined 0.4% to $1,656.08, while palladium dropped 0.1% to $1,124.39.
Source: Reuters