(Bloomberg) — Gold steadied as investors awaited U.S. inflation data that may impact the outlook for monetary stimulus and as bond markets reopened after a holiday.

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On Wednesday, U.S. consumer price index data are expected to show price pressures remained elevated last month. And while minutes from the Federal Reserve’s latest meeting are likely to signal a scaling back of asset purchases soon, the latest miss on jobs data may complicate the timing of when tapering could start.

Bullion has struggled for direction lately amid a dearth of interest from investors. So far, surging energy prices and mounting fears of stagflation have failed to spark buying, despite equities remaining under pressure. Holdings in exchange-traded funds have nudged lower over the past three weeks, and are near the lowest since May 2020.

“Gold remains stuck in neutral as attempts to catch a bid on the back of surging energy prices have so far failed,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “A bigger-than-expected CPI print could be the trigger needed to send it through resistance.”

Spot gold added 0.2% to $1,757.60 an ounce by 9:31 a.m. in London, after retreating 0.2% Monday. The Bloomberg Dollar Spot Index was little changed, after rising 0.3% in the previous session. Silver and palladium steadied, while platinum gained.

U.S. bond markets were closed for the Columbus Day holiday on Monday.

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