Gold prices remained largely steady in Asian trading on Wednesday, supported by moderate U.S. inflation data that reinforced bets on a potential Federal Reserve rate cut. Investors are also keeping an eye on the upcoming U.

Gold rose on Wednesday as expectations of a U.S. Federal Reserve interest rate cut in September gained traction following mild inflation data, while a weaker dollar bolstered bullion's demand.

President Trump said Monday that "gold will not be tariffed," but did not provide further details, weighing in after a ruling by U.S. customs officials caused chaos and confusion in global bullion markets late last week.

President Donald Trump said Monday in a Truth Social post that there will be no tariffs on gold after last week's wild gold market and Homeland Security ruling.