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Gold holds near $4,400 as traders look ahead to US inflation data

Gold was steady around $4,400 an ounce while oil traded sideways and major FX pairs held broadly steady ahead of upcoming US producer price data.

Reported · Written up by our desk · Precious Metals

Gold prices were steady around $4,400 an ounce on Thursday, with traders positioning for upcoming US inflation-related data, as investors weighed the outlook for rates and growth, according to Forexlive. Oil traded largely sideways after a recent run higher, with sporadic reports of continued fighting in the Middle East cited as a factor putting a floor under crude without sparking fresh upside momentum, Forexlive added. In Japan, Bank of Japan board member Kazuyuki Masu said the central bank is expected to continue raising interest rates, highlighting oil and food driven inflation risks plus yen related pressures, Forexlive reported. The remarks came ahead of the BOJ policy meeting on September 17 and 18, which markets widely expect to produce another rate hike. Forexlive also said USD/CNY was set by the People’s Bank of China at 6.7766 for the day, compared with an estimate of 6.7074, while USD/JPY moved in a two-way range and major currency pairs broadly held steady.

Latest closeGold $4,445.30 ▲1.2%|WTI crude $97.01 ▲4.3%|USD/JPY 153.32 ▼0.1%

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