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(Bloomberg) -- Gold steadied, as traders awaited US inflation data due later this week for clues to whether the Federal Reserve will hike interest rates.Bullion was near $4,400 an ounce, after adding 1% in the previous session to snap a three-day losing streak. The metal has traded in a narrow range in recent weeks, with some investors betting on its long-term value as a portfolio hedge despite near-term headwinds from rising bond yields and escalating tensions in the Middle East.Yields on 10-year Treasuries rose – a negative for gold, which doesn’t pay interest – after a government plan to buy up to $6 billion of longer-rated debt failed to sway the market. The muted reaction on Wednesday came after benchmark Brent crude prices hit $100 a barrel for the first time since July, highlighting concerns around inflation.With the Middle East war in its seventh month, Iran said it was prepared for a more intense conflict if the US keeps up attacks on its territory and infrastructure. Hostilities show no signs of easing, heightening the risk of continued disruptions to energy supplies from the region.Since bouncing from a floor near $4,000 an ounce in July, gold has stayed largely in a range either side of $4,400 as traders repeatedly recalibrate the outlook for Fed policy. Investors will be keeping tabs on the US producer price index and consumer price index this week ahead of the central bank’s next meeting on Sept. 14-15. Swaps traders are currently pricing in a roughly 65% chance of a rate hike.Spot gold was steady at $4,400.32 an ounce at 7:22 a.m. in Singapore. Silver was little changed at $67.29 an ounce, after adding 2.4% in the previous session. Platinum and palladium edged higher. The Bloomberg Dollar Spot Index, a gauge of the US dollar, fell 0.1%.More stories like this are available on bloomberg.com©2026 Bloomberg L.P.
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