Commodity Roundup: Gold steadies as traders assess CPI data; tightening supplies help oil

News Snapshot:

Gold prices steadied on Wednesday as investors assessed U.S. inflation data and its bearing on the Federal Reserve's near-term policy decision. On a year-over-year basis, the CPI rose 3.7%, outpacing the 3.6% consensus, and accelerating from 3.2% in July. Spot gold was down -0.06% to $1,912.06 per ounce by 09:00 am ET. While gold is considered a hedge against inflation, rising interest rates dent the appeal of the non-yielding asset. "Technically, gold is likely to trade in a neutral range of $1,900–$1,950. A break above $1,950 would be required to see more buying, and a price below $1,900 could trigger...