Gold Steadies as Traders Watch US Inflation for Rate-Hike Clues

The US Dollar is drifting as global markets anticipate upcoming US inflation data to gain clues regarding the Federal Reserve's interest-rate path. Simultaneously, Gold has steadied while traders monitor the data and potential deals to reopen the Strait of Hormuz. In the currency markets, Yen traders are increasing their activity in the options market, utilizing derivatives to maintain flexibility due to a lack of consensus on the currency's future direction ahead of the inflation report.