Gold flat on caution ahead of Fed's rate decision next week

Gold prices remained steady as investors awaited the looming decision on interest rates by the US Federal Reserve next week, although a weakened dollar provided some support. The demand for gold had previously been driven up by global inflation pressures, but in May, it was reported that such pressures were abated, after why supply gain pressures eased. The upcoming US consumer price report expectedly provides investors with more economic insight. While Fed futures reflect an 80.6% chance of rates remaining in the range of 5%-5.25%, there is a 51% chance of another rate hike in July.