Gold little changed with US economic data on tap
US jobless claims data due at 1230 GMT
Fed's Collins: Economy may need to weaken to get 2% inflation
Platinum set for biggest deficit in a decade - Johnson Matthey
China's exports and imports return to growth
Updates prices, adds graphic
By Ashitha Shivaprasad
May 9 (Reuters) -Gold prices were little changed on Thursday as investors awaited U.S. economic data including weekly jobless claims numbers that could offer more cues on when the Federal Reserve would deliver its interest rate cuts.
Spot gold XAU= was steady at $2,310.47 ounce, as of 0730 GMT. U.S. gold futures GCcv1 lost 0.2% to $2,317.30.
The U.S. weekly jobless claims data is due at 1230 GMT and the University of Michigan's consumer sentiment reading on Friday. The consumer price index data is scheduled to be released next week.
"Despite market expectations of a rate cut in September, gold traders are cautious about making big moves... If the U.S. inflation report comes hotter, then prices could fall to $2,290," said Ajay Kedia, director at Kedia Commodities, Mumbai.
According to the CME's FedWatch Tool, traders are currently pricing in about a 66% chance of a Fed rate cut in September. Lower rates reduce the opportunity cost of holding bullion.
Fed Bank of Boston President Susan Collins said on Wednesday that the U.S. economy needs to cool off to get inflation back to the central bank's 2% target.
"Looking ahead to the rest of 2024, the outlook for gold remains relatively positive," ACY Securities analyst Luca Santos said.
"There's even potential for it to break above $2,500, especially if economic conditions remain uncertain and geopolitical tensions persist."
Palestinian militant group Hamas said on Wednesday it was unwilling to make more concessions to Israel in negotiations over a ceasefire for Gaza.
China's exports and imports returned to growth in April, signalling an encouraging improvement in demand at home and overseas.
Spot silver XAG= gained 0.9% to $27.60 per ounce.
"Long-term view on silver remains positive. It can climb to $30 in the fourth quarter," Kedia said.
Platinum XPT= advanced 0.8% to $979.65 and palladium XPD= firmed 0.1% to $952.43.
Autocatalyst maker Johnson Matthey said the platinum market faces its largest supply shortfall in 10 years in 2024.
Spot gold price in USD per oz https://reut.rs/3QD2a8X
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips, Sohini Goswami and Subhranshu Sahu
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