Gold prices steady as dollar weakens ahead of key US inflation figures

MG News September 08, 2026 (MLN): Gold prices were steady on Tuesday, buoyed by a softer US dollar as markets turned their attention to upcoming inflation figures that could influence the Federal Reserve's next policy decision. Currently, spot gold is slightly down 0.06% to $4,426.91 an ounce as of [10:45 am] PST, according to data reported by Mettis Global. The US dollar index slipped 0.4%, lowering the cost of dollar-priced bullion for buyers holding other currencies. Markets now await the US producer price index, due Thursday, followed by the consumer price index on Friday, both of which could set the tone for the Fed's upcoming rate decision, according to CNBC. The precious metal had retreated over the two preceding sessions after fresh data showed a sharp pickup in US job creation for August, with the unemployment rate unchanged at 4.1%, signaling continued strength in the labor market. Per the CME FedWatch Tool, traders are currently pricing in a 60% likelihood of a policy move at next week's Fed meeting, with higher borrowing costs generally denting demand for gold, which yields no interest. Adding to market unease, Iran warned of economic warfare against the United States, claiming it had launched an advanced missile targeting American warships, a development that raises the prospect of deeper conflict just days after an earlier exchange of strikes between the two sides. Elsewhere in the metals complex, spot silver rose 1% to $66.78 an ounce, platinum climbed 0.4% to $1,834.00, and palladium advanced 1% to $1,402.87. Copyright Mettis Link News