Gold prices hold above $4,400 as markets await inflation data

Gold holds above $4,400 an ounce as investors awaited key US inflation data for clues on the Fed's next interest-rate move. 

Gold prices were broadly unchanged in Thursday’s trading, as investors awaited key US inflation data that could influence the Federal Reserve’s interest-rate path.

The dollar index, which tracks the US currency against a basket of six major currencies, was also unchanged at 98.74.

Data from the CME FedWatch Tool showed traders pricing in a 60% chance of an interest-rate hike at the Fed’s September 15–16 meeting.

Meanwhile, most economists surveyed by Reuters expect the Federal Reserve to keep interest rates unchanged at its meeting this month and through the rest of the year, again differing from market expectations.

Markets are awaiting the release of the US Producer Price Index later today, ahead of the Consumer Price Index data due Friday.