The Federal Reserve will hold its interest rate steady at its September 15-16 meeting and for the rest of this year, again defying market expectations for a series of hikes, according to a majority of economists in a Reuters poll.
The CME FedWatch Tool shows markets are assigning a 60% probability of a U.S. rate increase this month.
Higher rates generally make non-yielding assets less attractive to investors.
The European Central Bank looks set to raise interest rates on Thursday for the second time this year, seeking to head off an energy-driven surge in inflation triggered by the Iran war.
Iran said on Wednesday it had attacked 10 ships near the Strait of Hormuz after the U.S. sank five Iranian oil tankers, in the biggest wave of attacks on shipping by both sides since the start of the six-month-old war.
Among other metals, spot silver XAG= was flat at $67.30 per ounce, platinum rose at and palladium gained to .
The global platinum market will swing to a surplus for the first time since 2022 this year due to weaker investment and jewellery demand, the World Platinum Investment Council said.
Gold steady as traders await U.S. inflation readings
Spot gold XAU= held nearly steady at $4,396.69 per ounce, as of 0015 GMT. U.S. gold futures GCcv1 for December delivery were down 0.4% at $4,440.80.
The U.S. producer price index data is due at 1230 GMT, and consumer inflation figures are due on Friday.
Market participants were waiting for the data to gauge the U.S. central bank's interest rate path.
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