Gold Holds Ground Just Below Record Ahead of US Inflation Data

Gold steadied just below a record as traders evaluated US data that strengthened the case for Federal Reserve interest-rate cuts.

Bullion was little changed near $3,623 an ounce, after peaking above $3,674 on Tuesday, when a preliminary revision showed that the number of workers on payrolls will likely be revised down by a record 911,000. The Fed is due to set monetary policy next week, following US producer and consumer inflation prints due Wednesday and Thursday that will also shape the decision.

Geopolitics was also in focus. On Tuesday, Israel conducted an unprecedented military strike against senior Hamas leaders in Doha. Separately, President Donald Trump told European officials he’s willing to impose on India and China to push President Vladimir Putin to the negotiating table with Ukraine — but only if EU nations do so as well.

Bullion has rallied by almost 40% this year on central-bank buying, geopolitical uncertainties, and concerns about the impacts of US tariff agenda on global economy. Inflows into gold-backed exchange-traded funds have provided additional support, with many banks including Goldman Sachs Group Inc. predicting further gains in prices as the Fed is expected to cut borrowing costs.

Trump’s bid to extend his influence over the Fed, challenging its independence, has also aided gold. A judge is expected to on Fed Governor Lisa Cook’s request to keep her job during a legal battle with the president, who has sought to oust her for alleged mortgage fraud. The ruling could determine whether Cook has a say at the Fed’s next meeting.

Gold was 0.1% lower at $3,623.56 an ounce at 8:52 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat, after edging higher on Tuesday. Silver steadied just below $41 an ounce, while palladium and platinum gained.