Spot gold held its ground at $1,670.20 per ounce, while US gold futures dipped to $1,676.50
Bengaluru — Gold prices flitted in a tight range on Thursday as market participants maintained a cautious stance ahead of a key US inflation reading that could influence the size of the Federal Reserve’s next interest-rate hike.
Though traditionally considered an inflation hedge, rising interest rates to combat high prices have reduced bullion’s appeal since the metal yields no interest. The US consumer price index data is due at 12.30pm GMT and is forecast to come in at a hot 8.1% year-on-year in September, which could cement expectations of another big rate hike from the Fed.Wednesday’s readout of the central bank’s last policy meeting showed Fed policymakers agreed they needed to move to a more restrictive policy stance, and then maintain that for some time to lower inflation.
On the physical front, the London Bullion Market Association said on Wednesday it wants to recognise firms that gather and refine gold dug up by small-scale miners in developing countries.
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