Gold prices inch lower as US inflation data looms
Fed's Bostic: 'Little more data' needed to support cutting rates
U.S. CPI data due at 1230 GMT
US producer prices rise less than expected in July
Updates prices and graphics
By Daksh Grover
Aug 14 (Reuters) -Gold prices edged lower on Wednesday as investors remained on the sidelines ahead of a key U.S. inflation report later in the day that could set the tone for the Federal Reserve's September policy meeting.
Spot gold XAU= eased 0.2% to $2,460.89 per ounce by 0537 GMT. Prices had hit a record high of $2,483.60 last month.
U.S. gold futures GCcv1 edged 0.3% lower to $2,500.10.
U.S. consumer price index data for July is due at 1230 GMT and expected to show month-on-month inflation accelerated to 0.2%, with the annual core slowing a tick to 3.2%. Retail sales data is scheduled for Thursday.
Gold might drop to $2,300 if the (CPI) data doesn't align with expected rate cuts, but in the long term, bullion is likely to rise as the U.S. economy weakens enough for the Fed to cut rates significantly, said Kyle Rodda, a financial market analyst at Capital.com.
Data on Tuesday showed that U.S. producer prices increased less than expected in July, reinforcing market view that cooling inflation will allow the Fed to cut rates soon.
Traders see a 54% chance of a 50-basis-point rate cut in September, according to the CME FedWatch Tool.
Atlanta Fed President Raphael Bostic said he wants to see "a little more data" before he's ready to support lowering rates.
Gold, often used as a hedge against geopolitical risks, thrives when interest rates are low.
Investors are largely buying gold in anticipation of a retaliatory strike from Iran, but they unwind those positions if the strike doesn't occur, added Rodda.
Only a ceasefire deal in Gaza stemming from hoped-for talks this week would hold Iran back from direct retaliation against Israel for the assassination of Hamas leader Ismail Haniyeh on its soil, three senior Iranian officials said.
Spot silver XAG= fell 0.4% to $27.73 and platinum XPT= shed 0.5% to $931.50.
Palladium XPD= was up 0.3% at $941.00 after hitting its highest level since July 24 in the previous session.
Spot gold price in USD per oz https://reut.rs/4cr3J1G
Reporting by Daksh Grover in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu Sahu
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