Gold prices held steady around $3,350 an ounce on Thursday, as traders weighed the monetary and economic outlook against geopolitical tensions. US producer prices in July posted their largest gain in three years, far exceeding forecasts, suggesting companies are raising prices to offset higher import costs from tariffs. The hotter-than-expected data led investors to slightly scale back expectations for a September Fed rate cut, with odds slipping to 90% from full pricing a day earlier. Meanwhile, US President Donald Trump warned of “severe consequences” if Russian President Vladimir Putin does not agree to peace in Ukraine, but indicated that a follow-up meeting including Ukraine’s leader could quickly follow. The US and Russian presidents are set to meet in Alaska tomorrow in a bid to advance a resolution to the conflict.