Gold holds firm ahead of US inflation data
Published Wed, Oct 14, 2026 · 09:08 AM — Updated Wed, Oct 14, 2026 · 01:36 PM
[BENGALURU] Gold prices held firm on Wednesday (Oct 14) as investors braced for US consumer price index data due later in the day for clues on the US Federal Reserve’s latest monetary policy stance.
Spot gold held its ground at US$4,165.25 per ounce as at 0447 GMT. US gold futures for December delivery edged 0.3 per cent higher to US$4,188.70.
“What we’re looking at here is not a big move, it’s within a range. But the fact that we are able to hold a range while oil is rallying suggests that gold is trying to find a reason to rally,” said Ilya Spivak, head of global macro at Tastylive.
On the geopolitical front, an administrative building belonging to Saudi Arabia’s state-owned oil company Saudi Aramco in the eastern city of Dhahran was attacked, the Energy Ministry said, as fighting between Yemen’s Iran-allied Houthis and the kingdom intensified.
Oil prices scaled higher on the news on Wednesday.
If upcoming CPI data, producer price index (PPI) data and retail sales data point to weaker economic momentum, markets may scale back expectations for further Fed rate hikes in 2026, providing a bullish catalyst for gold, Spivak added.
The US CPI report is due at 1230 GMT, followed by the PPI and retail sales data on Thursday.
New York Fed president John Williams reaffirmed his view that the US central bank may need to raise interest rates once more in 2026 in its bid to lower inflation.
Meanwhile, Fed governor Christopher Waller said the recent rise in US bond yields reflects stronger economic growth rather than higher inflation expectations, which remain “well-anchored”.
Markets are pricing in about a 22 per cent chance of a US rate hike in October and an 88 per cent probability of an increase in December, according to CME’s FedWatch Tool.
Although gold is typically seen as a hedge against inflation, higher interest rates tend to diminish the appeal of non-yielding bullion to investors.
Among other metals, spot silver dipped 0.2 per cent to US$59.33 per ounce, platinum steadied at US$1,663.16 and palladium gained 0.7 per cent to US$1,133.49. REUTERS
