Gold steadies at $4,114.57 as US inflation raises Fed odds
Gold prices have leveled out at $4,114.57 an ounce after dipping to a one-week low.
This bounce-back comes as US consumer prices are climbing, mostly thanks to pricier gasoline, which has people wondering if the Federal Reserve will hike interest rates soon.
Right now, there's about a 32% chance of that happening, according to CME's FedWatch Tool.
September gasoline jump lifts consumer prices
Gasoline costs jumped in September, pushing up overall consumer prices and making a Fed rate hike more likely (up from 22% earlier).
San Francisco Fed President Mary Daly hinted that more rate hikes could be on the table but said nothing big is expected at this month's meeting.
Meanwhile, gold futures and other metals like silver and palladium are also seeing small shifts as everyone waits for fresh economic data later today.