Gold hovered near $4,400 an ounce, as traders awaited US inflation data due later this week for clues as to whether the Federal Reserve will hike interest rates this month.

Gold steadied after a dramatic selloff that has pushed the metal down more than 15% since the start of the Middle East conflict.

Gold sank after a four-day rally, as traders weighed the escalating war in the Middle East against the prospect of a stronger dollar and elevated inflation.

Silver pulled back from a record high as investors took profits after a blistering rally and as the US refrained from imposing import tariffs on critical minerals.

Gold and silver rose as 2026 trading kicked off, building on their best annual performances since 1979.

Gold rose near a record high as traders geared up for an anticipated easing of the US Federal Reserve’s monetary policy this week and looked for clues on further rate cuts this year.