Gold steady as traders focus on U.S. inflation data

Gold steadied on Wednesday as U.S. producer prices boosted hopes of an imminent interest rate cut, while traders turned their focus to U.S. inflation data due later for clues on the Federal Reserve’s next move on monetary policy.

Spot gold was at $2,465.27 an ounce, while U.S. gold futures fell 0.1% to $2,504.50.

In other precious metals, spot silver fell 0.15% to $27.80 an ounce, while platinum rose 0.2% to $938.25 and palladium gained 0.18% to $940.25.