Gold holds firm above $2,500 level as US inflation data looms
US CPI data due on Wednesday, PPI on Thursday
Traders see 67% chance of 25-bps Fed rate cut this month
Platinum market faces million-ounce deficit in 2024, WPIC says
Updates as of 1803 GMT
By Anushree Ashish Mukherjee
Sept 10 (Reuters) -Gold prices held firm above the $2,500 level on Tuesday as market participants positioned themselves ahead of U.S. inflation data for further clues on the depth of interest rate cuts by the Federal Reserve next week.
Spot gold XAU= rose 0.3% to $2,512.38 per ounce by 14:03 p.m. ET (1803 GMT). U.S. gold futures GCcv1 settled 0.4% higher at $2,543.1.
"Gold prices are trading in an extremely tight range, waiting for the next catalyst, which are likely to be both the U.S. presidential debate tonight, followed shortly by inflation data tomorrow," said Daniel Ghali, commodity strategist at TD Securities.
Investors will closely scan through U.S. Consumer Price Index data on Wednesday and the Producer Price Index reading on Thursday.
The CPI for August is expected to have risen by 0.2% month-over-month, unchanged from the previous month, according to a Reuters poll.
"Spot gold remains supported above the psychological $2,500 level, and any post-CPI forays below that big, round number should see bulls buying the dip once more, as they have consistently done since mid-August," said Han Tan, chief market analyst at Exinity Group.
So far this year, gold has gained 21%, hitting an all-time high of $2,531.60 on Aug. 20.
Lower interest rates reduce the opportunity cost of holding zero-yield bullion.
Markets are currently pricing in a 67%chance of a 25-basis-point U.S. rate cut at the Fed's Sept. 17-18 meeting, and a 33%chance of a 50-bps cut, the CME FedWatch tool showed.
Spot silver XAG= fell 0.3% to $28.26 per ounce.
Platinum XPT= gained 0.2% to $939.71 and palladium XPD= was up by 2.1% to $966.55.
The World Platinum Investment Council said the global platinum deficit in 2024 will be twice as high as previously expected due to inflows to exchange traded funds and purchases of large bars in China.
"We remain convinced that the platinum price has considerable upside potential," Commerzbank said in a note.
Spot gold price in USD per oz https://reut.rs/4ej9vDW
Reporting by Anushree Mukherjee and Ashitha Shivaprasad in Bengaluru; Editing by Jonathan Oatis, Shailesh Kuber and Alan Barona
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