As figures revealed a larger-than-anticipated rise in U.S. inflation, gold prices moved very little in Asian trade on Thursday, stabilizing close to three-week lows and continuing under pressure from the greenback.

Spot gold ticked up 0.1% to $1,910.09 per ounce, while gold futures added 0.1% to $1,931.25 per ounce

Despite Wednesday's positive news on consumer inflation in the US, the price of gold maintained steady as markets wagered that the Federal Reserve will continue to leave interest rates steady next week.

Given that it is expected that U.S. interest rates will continue to be higher for a longer period of time, it was unclear whether gold prices could continue to hold near the $1,900 per ounce level. Additionally, the dollar held stable below a near six-month high, which restrained any significant increases in gold.

Demand for the yellow metal as a safe haven decreased as the likelihood of a U.S. recession decreased as recent statistics showed sustained resiliency in the greatest economy in the world.

The Federal Reserve is largely anticipated to leave interest rates steady at its meeting one week from now, so the stronger consumer inflation figure arrives just in time.

Markets anticipate that the Fed will maintain interest rates at above 20-year highs through at least mid-2024, giving gold a muted outlook. Over the past year, rising interest rates have severely harmed the price of yellow metal.