Gold gained slightly after US inflation data matched expectations and strengthened bets on an interest rate cut next month.

Gold bullion prices held steady after closing 0.2% higher in the previous session, following a report showing US core inflation rising to its strongest level since the start of the year—although a slight increase in goods prices eased concerns about tariff-driven pressures.

The data raised speculation that the Federal Reserve would reduce borrowing costs next month, especially given the weakening labor market. Gold, which pays no interest, typically benefits in a lower interest rate environment.

Traders are still awaiting clarification on whether gold bullion imports will be subject to tariffs. On Monday, Trump said there would be no levies but did not elaborate. This comes after Customs and Border Protection (CBP) surprised the market on Friday by announcing that gold bullion would be subject to duties.

Gold futures in New York and spot gold prices in London continued to converge following Trump's comments. December gold futures on New York's Comex held steady around $3,400 an ounce on Wednesday, while spot gold traded around $3,350 an ounce. After adjusting for differences in delivery dates, both markets were nearly stable.

Gold has gained about 28% this year, with most of that gain occurring in the first four months. The rise has been supported by rising geopolitical and trade tensions that have boosted demand for safe-haven assets, as well as robust asset purchases by central banks.

Spot gold edged up 0.1% to $3,351.25 an ounce as of 7:37 a.m. in Singapore. The Bloomberg Dollar Spot Index was little changed, after posting a 0.4% loss on Tuesday. Silver and platinum were steady, while palladium fell.(alg)

Sumber: Bloomberg