Gold advanced to a two-month high above $4,400 an ounce ahead of a key U.S. inflation report. Weak U.S. jobs data has cut the odds of a September Fed rate hike to below 50%. Investors are watching U.S. CPI data on Wednesday and producer prices on Thursday.

Middle East uncertainty around the Strait of Hormuz is adding safe-haven demand for gold. Silver, platinum, and copper are also rising alongside gold. Gold prices are holding above $4,400 a troy ounce on Monday as investors wait for key U.S. inflation data that could shape the Federal Reserve’s next move on interest rates.

Spot gold rose 0.3% to $4,354.51 an ounce, while U.S. gold futures climbed to $4,414.40. The moves follow gold’s best weekly performance since January.