Gold holds ground ahead of key U.S. inflation data

April 09, 2026 (MLN): Gold prices remained largely stable on Thursday as investors weighed ongoing geopolitical risks in the Middle East alongside upcoming U.S. inflation data.

Market participants are closely monitoring the fragile U.S.-Iran ceasefire for signals on future economic and interest rate trends.

Currently, spot gold is down 0.95% to $4,730.23 an ounce as of [2:25 pm] PST, according to data reported by Mettis Global.

Brian Lan, Managing Director at GoldSilver Central, noted, “Gold isn’t showing significant movement at the moment. Speculation continues on the aftermath of the ceasefire.” He expects the yellow metal to trade in a range between $4,607 and $4,860 in the near term, as reported by CNBC.

U.S. President Donald Trump has stated that American military assets will remain deployed in the Middle East until a peace agreement with Iran is finalized, warning of a potential escalation if compliance is not met.

Meanwhile, Israel carried out its heaviest strikes in Lebanon to date on Wednesday, resulting in hundreds of casualties and prompting warnings of retaliation from Iran.

Energy markets also felt the impact, with oil prices rising amid concerns that production from the Middle East may not fully recover if the ceasefire collapses.

Since the outbreak of hostilities on February 28, spot gold has dropped over 10%, as rising energy prices have stoked inflation fears and forced investors to reassess expectations for interest rate cuts, reducing the appeal of non-yielding assets like bullion.

Recent minutes from the Federal Reserve’s March 17–18 meeting indicated that more policymakers may consider further rate hikes to keep inflation in check, as it continues to exceed the central bank’s 2% target.

Investors are awaiting U.S. Personal Consumption Expenditures (PCE) data for February, scheduled for release later Thursday, with March Consumer Price Index (CPI) figures due Friday, for further insights into the Fed’s potential policy moves.

Standard Chartered highlighted in a note, “Beyond immediate liquidity requirements, gold is expected to regain its value in the coming months amid heightened geopolitical risks.”

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