Gold edges higher as US inflation data looms
US inflation print due at 1230 GMT
Wouldn't be surprised to see gold test $2,650, analyst says
Bullion up over 22% so far this year
Updates as of 1033 GMT
By Ashitha Shivaprasad
Sept 11 (Reuters) -Gold prices inched higher on Wednesday as the dollar eased, with traders' attention turning to key U.S. inflation data that may influence the Federal Reserve's next policy decision.
Spot gold XAU= was up 0.2% at $2,520.64 per ounce, as of 1033 GMT. U.S. gold futures GCcv1 edged 0.3% higher to $2,549.50.
The dollar index slipped 0.2%, making greenback-priced bullion more attractive to buyers holding other currencies. USD/
The U.S. inflation Consumer Price Index (CPI) data is due at 1230 GMT. The headline CPI is expected to have risen 0.2% on a month-on-month basis in August, according to a Reuters poll, unchanged from the previous month.
The Fed will lower interest rates by 25 basis points at each of the three remaining policy meetings in 2024, according to a majority of economists in a Reuters poll that found only nine of 101 expected a half-percentage-point cut next week.
Lower rates boost the appeal of holding non-yielding bullion.
A rate cut should suggest a weaker dollar and by extension gold would benefit but the market might have over-positioned ahead of the long awaited Fed pivot, so prices might go lower before marching much higher, said independent analyst Ross Norman.
"Gold maintains its range-trading, but with a positive bias. We may see fresh highs in gold in 2024 and I would not be surprised to see a test of $2,650," Norman added.
Other data points due this week include the U.S. producer Price Index reading and initial jobless claims.
Bullion has gained more than 22% so far this year and scaled successive record highs, fuelled by rate-cut optimism, geopolitical turmoil and robust central bank demand.
Among other metals, spot silver XAG= was up 1.3% at $28.76 per ounce, platinum XPT= inched 0.3% higher to $940.20 and palladium XPD= firmed 0.8% to $973.00.
Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips and Elaine Hardcastle
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