The gold price stabilized on Wednesday. Investors are eagerly awaiting U.S. inflation data for guidance on the extent of the potential reduction in interest rates from the Federal Reserve next week.

Spot gold held steady at $2,518.22 per ounce at 3:19 GMT. US gold futures rose 0.2% to $2,547.10. According to Matt Simpson, a senior analyst at City Index, “Gold is holding up in a well-supported market ahead of the key US inflation report.” Consumer Price Index (CPI) data is expected at 1230 GMT, while the producer price index and initial claims for unemployment benefits are expected

Among other metals, spot silver rose 0.1% to $28.40 per ounce, platinum gained 0.6% to $943.10, and palladium rose 0.9% to $973.78 per ounce, and palladium rose 0.9% to $973.78.