Gold steady as Mideast escalation tempers easing inflation optimism

Gold prices remained stable as U.S. inflation data showed easing pressures. However, Middle East conflict escalation drove oil prices higher, reviving energy cost concerns. U.S. producer prices unexpectedly fell in June, indicating subsiding inflation before recent events. Federal Reserve officials expressed determination to bring inflation down soon. China’s economy expanded at its slowest pace in over three years.

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