Gold steadied on Thursday, after U.S. inflation data lifted prices over 1% in the previous session, as traders were cautious about the Federal Reserve's policy stance amid fears of a build-up in underlying inflation pressures.
Spot gold was nearly flat at $1,852.36 per ounce, as of 0350 GMT. U.S. gold futures were little changed at $1,853.30
The inflation reading comes on the heels of the Fed raising its benchmark overnight interest rate by an aggressive half a percentage point last week — the biggest hike in 22 years — as it moves to unwind ultra-easy pandemic-era monetary policy. With inflation risks still there, however, investors will now want gold as a safe-haven asset after the recent sell-off, said Brian Lan, managing director at dealer GoldSilver Central, adding that investors also know that once lockdowns in China are lifted, there may be more support for precious metals.Meanwhile, the U.S. dollar steadied near its highest levels in 20 years, continuing to restrain gains in greenback-priced bullion.
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