Gold pares losses as steady US PPI data strengthens rate-hold expectations
GLD•Other metals and related market notes
On the geopolitical front, oil prices declined on Thursday as investors assessed prospects for weaker global demand this year amid supply disruptions.
Meanwhile, Bank of Korea held a $250 million stake in a U.S.-listed gold ETF as of end of June, a SEC filing showed.
Among other metals, spot silver XAG= slid 0.3% to $65.11 per ounce, platinum XPT= dropped 1.7% to $1,727.04, and palladium XPD= slipped 3.6% to $1,320.63.
Gold trims losses after U.S. PPI meets expectations
Gold pared losses on Thursday after falling nearly 1% earlier in the session, as the U.S. producer price data matched expectations and reduced bets for a Federal Reserve rate hike next month, while profit-taking kept prices below the $4,500 level.
Spot gold XAU= fell 0.5% to $4,386.69 per ounce by 09:26 a.m. EDT (1326 GMT) after touching the session low of $4,363.44. U.S. gold futures GCcv1 dipped 0.5% to $4,444.00.
"4,500 is a big resistance point for gold. We touched it twice and gold tumbled from that point, with traders being jittery close to the 4,500 level at the moment," said Bob Haberkorn, senior market strategist at StoneX.
Inflation data and Fed comments shape rate expectations
The U.S. Producer Price Index was unchanged in July as goods prices declined, while higher services costs suggested inflationary pressures could persist.
