12.08.202110:47:00UTC+00Gold Steadies As Taper Concerns Ebb

Gold steadied on Thursday after having seen its biggest single-day percentage gain since May 6 the previous day as worries of an early Fed tapering eased.

Spot gold was marginally higher at $1,752.38 per ounce, after rallying 1.3 percent on Wednesday. U.S. gold futures were virtually unchanged at $1,753.40.

The U.S. dollar and bond yields took a breather as signs of moderating U.S. inflation helped eased concerns of earlier-than-expected stimulus tapering by the Federal Reserve.

Data from the Labor Department showed that the nation's consumer price index eased in July from the previous month.

The consumer price index rose 0.5 percent last month after climbing 0.9 percent in June. In the 12 months through July 2021, the CPI advanced 5.4 percent. The drop in the month-to-month inflation rate was the largest in 15 months.

More U.S. data on producer-price inflation and jobless claims are due later in the session.