Gold gains on Fed rate cut hopes, palladium rises after Russian supply concerns
U.S. PPI and initial jobless claims due at 1230 GMT
Palladium hits highest since July 8 on Russian supply concerns
Updates graphic and prices as of 1107 GMT
By Polina Devitt
LONDON, Sept 12 (Reuters) -Gold prices rose on Thursday on expectations of a U.S. Federal Reserve interest rate cut next week, while supply concerns from top producer Russia drove palladium above the key psychological level of $1,000.
Spot gold XAU= was up 0.1% at $2,513.78 per ounce by 1107 GMT, supported by the 21-day moving average at $2,505.
U.S. consumer prices rose marginally in August, but underlying inflation signalled some stickiness, which could result in the Fed delivering a smaller 25-basis-point cut at its meeting next week.
"Despite a smaller-than-expected reduction, the Fed's anticipated easing cycle is maintaining upward pressure on gold," said Alexander Zumpfe, a precious metals trader at Heraeus Metals.
"This monetary policy shift, combined with inflation concerns and robust central bank demand supports a bullish outlook for gold for the remainder of the year."
Traders are waiting for the U.S. Producer Price Index (PPI) for August, the initial jobless claims print due on Thursday for more clues on the Fed's path.
Palladium XPD= gained 1.1% to $1,019.75 per ounce. It earlier hit $1,030.68, the highest since July 8, on supply concerns after Russian President Vladimir Putin on Wednesday said that Moscow should consider limiting exports of uranium, titanium and nickel.
"Palladium is the market that is up for a short-covering rally. Putin did not mention palladium. But since the metal is a by-product of Russian nickel production, such export curbs could drive down production of both metals and deepen the current deficit in the palladium market," said WisdomTree commodity strategist Nitesh Shah.
Russia's Nornickel is the world's largest producer of palladium and a major producer of platinum, accounting for 41% and 12% of global mining output, respectively.
The palladium market deficit is expected at 450,000 ounces this year, according to Heraeus.
Spot silver XAG= added 0.1% to $28.72 and platinum XPT= gained 0.4% to $955.30.
Spot gold price in USD per oz https://reut.rs/3Xr2YjM
Reporting by Polina Devitt in London; additional reporting by Daksh Grover in Bengaluru; Editing by Sumana Nandy
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