Gold steady at $4,400, ahead of PPI report

August 13, 2026 (MLN): Gold prices barely moved on Thursday, holding just off a two-month peak, as investors took a breather from a rally sparked by softer US inflation data with markets now looking ahead to a key producer price reading for fresh signals on where the Fed's rate path is headed.

Currently, spot gold is up 0.77% to $4,400.99 an ounce as of [10:21 am] PST, according to data reported by Mettis Global.

Fed policymakers are unlikely to feel renewed pressure to raise interest rates next month, after data released Wednesday showed inflation cooled on a year-over-year basis for a second consecutive month, CNBC reported.

The Consumer Price Index rose 3.4% in the 12 months through July, easing from 3.5% in June, the Bureau of Labor Statistics reported, a reading in line with market expectations.

Traders are now pricing in only a 40% probability of a rate hike at the Fed's September meeting, down sharply from around 54% a week earlier, according to the CME FedWatch Tool.

Lower rate expectations tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Market attention now turns to the Producer Price Index, due later Thursday, for further confirmation that price pressures are easing.

Among other metals, spot silver gained about 0.3% to $65.47 per ounce, having touched its highest level since June 22 in the previous session. Platinum slipped 0.4% to $1,749.70, while palladium declined 0.5% to $1,362.10.

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