09.09.202623:56:34UTC+00Gold Steadies Ahead of US Inflation Data

Gold hovered near $4,400 an ounce on Thursday, holding on to gains from the previous session as investors cautiously awaited key US inflation data that could clarify the Federal Reserve’s next policy move. The US producer price index for August is scheduled for release later today, followed by the consumer price index report on Friday.

The metal drew support from a weaker dollar and sustained interest in its role as a long-term hedge, even as it faced near-term pressure from higher oil prices and rising bond yields. Oil prices climbed to multi-month highs amid escalating US-Iran tensions, heightening inflation concerns and reinforcing expectations of near-term interest rate hikes. US Treasury yields also advanced after the Treasury Department announced plans to repurchase up to $6 billion in longer-dated debt, disappointing some investors who had anticipated a more aggressive buyback program.