Gold Steady as Market Awaits Inflation Data Ahead of Fed Meeting

Bullion traded a little above $2,500 an ounce after climbing 0.4% in the previous session. Traders await US consumer price index and producer price index figures due Wednesday and Thursday, respectively, which could play into the Federal Reserve’s thinking on a widely expected interest rate cut.

Gold has surged more than 20% this year, boosted by robust purchasing by central banks as well as expectations of Fed rate cuts. The precious metal has also been supported by haven demand amid ongoing conflicts in the Middle East and Ukraine.Spot gold edged 0.2% lower at $2,501.39 an ounce by 9:20 a.m. in London. The Bloomberg Dollar Spot Index was also broadly steady, while the US 10-year Treasury yield rose. Palladium, platinum gained and silver held steady.

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