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(Bloomberg) — Gold steadied near $4,400 an ounce after a subdued US inflation report relieved near-term pressure on the Federal Reserve to hike interest rates.
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Bullion was little changed in early trading, having gained 0.9% on Wednesday after data showed consumer prices rose just 0.1% in July from a month earlier. The latest report suggests the impact of the energy-price shock from the Iran war continued to fade last month.
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The data reduces the likelihood that the Fed will tighten monetary policy at its next meeting in September. Before then, additional reports on employment and inflation are expected, while investors will also be focused on Chairman Kevin Warsh’s remarks at the central bank’s annual Jackson Hole symposium later this month. Higher rates are typically a negative for gold, which doesn’t pay interest.
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Still, any further flare-ups in the Middle East risk a return to the higher energy prices that have underpinned inflationary risks since the war began. Oil is heading for a weekly gain after months of volatile trading, with traders tracking on-off efforts by the US and Iran to end the conflict and reopen the Strait of Hormuz.
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Gold has rallied above the $4,000-an-ounce support threshold in recent weeks, with renewed investor appetite for the precious metal backed by an increase in central bank purchases, notably from China. This week’s gains took the metal above its 100-day moving average for the first time since April.
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Spot gold slipped 0.1% to $4,403.02 an ounce at 7 a.m. in Singapore. Silver fell 0.3% to $65.10 an ounce, having climbed 1% in the previous session. Platinum and palladium edged lower. The Bloomberg Dollar Spot Index, a gauge of the US currency, retreated 0.1%.
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