Gold steady amid focus on US inflation data

Gold prices stabilized today, Wednesday, ahead of important US inflation data released this week, which may provide more clarity about the date of the Federal Reserve’s first cut in interest rates this year.

According to Reuters, gold settled in spot transactions at $2,319.95 per ounce. US gold futures also saw no significant change, recording $2,331.30.

The dollar rose 0.1% against competing currencies, making gold more expensive for holders of other currencies, while benchmark 10-year bond yields also increased, according to Reuters.