Gold was steady as traders weighed the risk of persistent inflation and the path for interest rates after the Federal Reserve’s first hike since 2023.

Bullion was trading around $4,375 an ounce, after posting a moderate gain the week before. Several Fed policymakers are due to speak publicly this week after voting unanimously to raise interest rates by a quarter percentage point at their Sept. 15-16 meeting. The move was a bid to help cool inflation that hasn’t fallen below the Fed’s 2% target in more than five years.