Gold steady below $4,400 amid cooling US inflation concerns
Gold stayed pretty stable on Thursday, retreating to just below $4,400 an ounce.
Even after a dip from its recent high, gold is set for its second week of gains, thanks to cooler US inflation numbers that reduced pressure on the Fed to pursue a more aggressive monetary policy.
Traders are keeping a close eye on the Federal Reserve and what is happening in the Middle East, since both could shake up prices.
Investors await Kevin Warsh remarks
The chance of a Fed rate hike in September sits at about one-in-three, so investors are waiting for upcoming job reports and Chairman Kevin Warsh's remarks at the central bank's annual Jackson Hole symposium later in August to get more clues.
Central banks, especially China, have been buying more gold lately, which helps keep demand strong. But if interest rates stay high or Middle East tensions drive up energy costs, gold could face some bumps ahead.
Right now, spot gold is trading at $4,359.73 an ounce; silver, platinum, and palladium are holding steady too.