Gold steadies as traders await inflation data, Fed decision

Gold prices rose slightly as the U.S. dollar declined, although the gains were limited as traders awaited news on U.S inflation and the Federal Reserve’s decision on interest rates. Spot gold edged up 0.1% to $1,959.23 per ounce, while U.S. gold futures increased 0.2% to $1,973.40. The consumer price index for May is expected to exhibit a slower rise in inflation to 4.1% YoY from April’s value of 4.9%, with a monthly increase of 0.2%. This week, the European Central Bank and the Bank of Japan are expected to make their rate decisions.