Gold holds steady as markets await key U.S. inflation data

September 25, 2025 (MLN):  Gold prices were mostly steady on Thursday as investors looked ahead to U.S. economic data that could provide fresh signals on the Federal Reserve’s policy path, while a softer dollar lent modest support to the metal.

Spot gold was down 0.33% at $3,752.99 an ounce as of [1:02 pm] PST, according to data reported by Mettis Global.

December U.S. gold futures held at $3,765.20 per ounce.

The U.S. dollar index slipped 0.1%, making bullion slightly more affordable for holders of other currencies.

Federal Reserve officials continued to shape expectations for monetary policy. San Francisco Fed President Mary Daly on Wednesday voiced full support for last week’s interest rate cut, noting she anticipates more reductions ahead, according to CNBC.

Her comments reinforced views that the central bank may prioritize employment while tolerating stronger growth.

“The move may reflect expectations that the Fed intends to run the U.S. economy hot as it rebalances its focus to the labour market,” said Ilya Spivak, head of global macro at Tastylive to CNBC.

He pointed to technical levels, citing initial support near $3,700–$3,600 and resistance around the record high of $3,790, with the potential to reach $3,870–$4,000 if momentum continues.

Fed Chair Jerome Powell earlier this week stressed the need to balance inflation risks against signs of a weakening job market.

Attention now turns to Friday’s release of the personal consumption expenditures (PCE) price index, the Fed’s preferred inflation gauge.

Weekly jobless claims figures, due later Thursday, will also be watched for signals on labor market conditions.

Markets are pricing in two more 25-basis-point Fed rate cuts this year, likely in October and December.

Gold, which typically benefits from lower interest rates, touched a fresh record of $3,790.82 on Tuesday.

Elsewhere in precious metals, spot silver dipped 0.2% to $43.83 per ounce, platinum eased 0.1% to $1,470.66, while palladium edged up 0.1% to $1,210.96.

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