India, Sept. 12 -- The figure on the Comex screen barely moved on Friday, but what sits behind it shifted considerably. August's Consumer Price Index came in at 3.4 percent year-on-year on Thursday, close enough to analyst forecasts that it did not break anything, and that restraint was itself the signal. Gold climbed a measured $0.15 per gram to $140.25, holding altitude rather than making a run for it, as traders locked in positions before the Federal Reserve's two-day policy meeting opens Monday.

The Comex December futures contract settled at $4,362 per troy ounce at Thursday's New York close, with open interest remaining elevated as participants positioned for the Federal Reserve's September 15-16 policy meeting. Pricing in the phys...