Gold Steadies After Tame US Inflation Data Eases Rate-Hike Bets

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Or sign-in if you have an account.pc[e4lux]z(0a}litjbb3{(r_media_dl_1.png Bloomberg(Bloomberg) — Gold steadied near $4,400 an ounce after a subdued US inflation report relieved near-term pressure on the Federal Reserve to hike interest rates.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountBullion was little changed in early trading, having gained 0.9% on Wednesday after data showed consumer prices rose just 0.1% in July from a month earlier. The latest report suggests the impact of the energy-price shock from the Iran war continued to fade last month.The data reduces the likelihood that the Fed will tighten monetary policy at its next meeting in September. Before then, additional reports on employment and inflation are expected, while investors will also be focused on Chairman Kevin Warsh’s remarks at the central bank’s annual Jackson Hole symposium later this month. Higher rates are typically a negative for gold, which doesn’t pay interest.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againStill, any further flare-ups in the Middle East risk a return to the higher energy prices that have underpinned inflationary risks since the war began. Oil is heading for a weekly gain after months of volatile trading, with traders tracking on-off efforts by the US and Iran to end the conflict and reopen the Strait of Hormuz.Gold has rallied above the $4,000-an-ounce support threshold in recent weeks, with renewed investor appetite for the precious metal backed by an increase in central bank purchases, notably from China. This week’s gains took the metal above its 100-day moving average for the first time since April.Spot gold slipped 0.1% to $4,403.02 an ounce at 7 a.m. in Singapore. Silver fell 0.3% to $65.10 an ounce, having climbed 1% in the previous session. Platinum and palladium edged lower. The Bloomberg Dollar Spot Index, a gauge of the US currency, retreated 0.1%.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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