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Canada Retaliatory Tariffs on U.S. Goods Take Effect 
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Gold prices held largely steady on Thursday as investors awaited key U.S. inflation data that could shape expectations for the Federal Reserve’s interest rate decision next week. Higher Treasury yields and escalating Middle East tensions continued to pressure bullion, while a softer U.S. dollar and strong investment demand provided support.
Spot gold (XAU/USD) slipped 0.1% to $4,398.53 an ounce at 20:43 ET (00:43 GMT), while gold futures declined 0.4% to $4,442.00. Silver was nearly unchanged at $67.28 an ounce, while platinum fell 0.6% to $1,888.23. The U.S. Dollar Index remained broadly flat at 98.81.
Gold has traded near the $4,400 level in recent weeks after recovering from a July low around $4,000. Investors are balancing bullion’s long-term appeal as a safe-haven asset against rising bond yields, which increase the opportunity cost of holding non-yielding gold.
The U.S. 10-year Treasury yield climbed after the government’s latest plan to purchase up to $6 billion of longer-dated debt failed to significantly boost the bond market. Meanwhile, geopolitical risks remain elevated as the Middle East conflict enters its seventh month. Iran has warned of a stronger response if U.S. attacks on its territory and infrastructure continue. Brent crude also reached $100 per barrel for the first time since July.
Attention now turns to Thursday’s U.S. Producer Price Index and Friday’s Consumer Price Index. Markets are pricing roughly a 65% probability that the Federal Reserve will raise interest rates this month.
IG senior market analyst Tony Sycamore said gold ended the previous session near $4,402, supported by a weaker dollar despite sharply higher Treasury yields. However, bullion remains below its 200-day moving average near $4,537. Reclaiming that level could indicate the correction from the $4,697 high has ended.
Long-term demand remains strong. Global gold-backed ETFs attracted $18 billion in August, the second-largest monthly inflow on record, according to the World Gold Council. Holdings increased by 121 tonnes to a record 4,189 tonnes, while total assets under management rose 16% to $615 billion.
