Gold subdued as investors focus on US inflation data
US CPI data due on Wednesday
Fed's Bowman acknowledges progress on inflation
Adds comments and updates prices
By Daksh Grover
Aug 12 (Reuters) -Gold prices struggled for momentum on Monday as investors looked forward to a key inflation report that could shed more light on the U.S. central bank's next policy move.
Spot gold XAU= eased 0.13% to $2,427.86 per ounce by 0352 GMT, trading in a narrow $10 price range. U.S. gold futures GCcv1 slipped 0.3% to $2,466.40.
"I don't think people will want to make big commitments ahead of the data," said Ilya Spivak, head of global macro, Tastylive.
The U.S. consumer price index (CPI) data, due on Wednesday, is expected to show that headline and core prices rose 0.2% month-on-month.
"Further inflation progress reflected in the upcoming CPI data could see gold eye for a retest of its all-time high once more," said IG market strategist Yeap Jun Rong.
Currently, the market sees a 54% chance of a 50 basis point rate cut at the Federal Reserve's September meeting, according to the CME FedWatch Tool.
Non-yielding bullion's appeal tends to shine in a low interest rate environment.
Fed Governor Michelle Bowman softened her usually hawkish tone ever so slightly on Saturday, noting some further "welcome" progress on inflation even as she said inflation remains "uncomfortably above" the central bank's 2% goal.
Elsewhere, Palestinian militant group Hamas on Sunday asked mediators to present a plan based upon previous talks instead of engaging in new negotiations for a Gaza ceasefire deal, raising doubts about its participation in Thursday's meeting.
Among other metals, spot silver XAG= fell 0.3% to $27.36 per ounce, platinum XPT= shed 0.47% to $917.83 and palladium XPD= fell 0.2% to $903.48.
Spot gold price in USD per oz https://reut.rs/3Xazt7b
Reporting by Daksh Grover in Bengaluru; Editing by Rashmi Aich and Subhranshu Sahu
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