Gold holds steady ahead of US inflation data

Spot gold was trading at $4,159.45 per ounce as of 05:51 a.m. Türkiye time on October 14, while US gold futures for December delivery rose 0.1% to $4,182.60. Despite rising oil prices following attacks on Saudi Arabia, gold showed no significant price movement.

Markets are focused on the US Consumer Price Index (CPI) report scheduled for release today at 3:30 p.m. Türkiye time. Weaker-than-expected inflation or economic activity data could support gold by reducing expectations for further Federal Reserve interest rate hikes. According to CME FedWatch data, markets are pricing in a 23% probability of a Fed rate hike in October and an 88% probability in December. Meanwhile, spot silver declined 0.6% to $59.11 per ounce.