Gold holds steady ahead of US inflation data
GLD•GLD•GLD•GLD•Gold was nearly unchanged at $4,151.51 an ounce as investors awaited US CPI data due at 1230 GMT. Markets priced in a 22% chance of a rate hike this month and a 90% probability of an increase in December.
Spot gold was little changed at $4,151.51 per ounce by 0642 GMT, while US December gold futures held steady at $4,174.90. Ilya Spivak of Tastylive said gold was holding within a range and appeared to be looking for a reason to rally.
Investors were awaiting US CPI data for clues on the Federal Reserve's policy stance. New York Fed President John Williams reaffirmed that the central bank may need to raise rates once more this year, while markets priced in a 22% chance of a hike this month and a 90% probability of an increase in December. Spivak said weaker readings in upcoming CPI, producer price and retail sales data may lead markets to scale back expectations for further rate hikes this year, which could provide a bullish catalyst for gold.
