Muscat: Gold prices held steady in early Asian trading today as market participants awaited key US inflation data that could shape the Federal Reserve's interest rate path. Spot gold was nearly flat at $4,396.69 per ounce, while US gold futures for December delivery slipped 0.4 percent to $4,440.80 per ounce.

According to Oman News Agency, US producer price index data is due later today, with consumer price inflation figures scheduled for Friday. The CME's FedWatch tool shows markets pricing in a 60 percent probability of a US rate hike this month. Higher interest rates typically erode the appeal of non-yielding assets.

The European Central Bank appears set to raise rates today for the second time this year as it seeks to counter an inflation surge driven by higher energy prices. Spot silver held steady at $67.30 per ounce, platinum rose 0.1 percent to $1,897.57 per ounce, and palladium gained 0.2 percent to $1,355.44 per ounce.