Gold prices steady with US inflation data on radar
US inflation data due at 1230 GMT
Fed to cut rates by 25 bps on Sept 18, according to Reuters poll
Gold should trade higher around $2,600 by year-end - trader
Adds details, updates prices and graphics
By Daksh Grover
Sept 11 (Reuters) -Gold prices steadied on Wednesday, as investors keenly awaited U.S. inflation data for hints on the size of a potential interest rate cut by the Federal Reserve next week.
Spot gold XAU= was up 0.2% at $2,520.08 per ounce, as of 0542 GMT. U.S. gold futures GCcv1 also edged 0.2% higher to $2,548.90.
"Gold is range-bound in a well-supported market ahead of a key U.S. inflation report," City Index senior analyst Matt Simpson said, adding that data is likely to show soft inflation and send gold to a record high.
The U.S. Consumer Price Index (CPI) data is due at 1230 GMT, while the Producer Price Index reading and initial jobless claims are due on Thursday.
The CPI report is expected to show inflation nearing the Fed's 2% target, supporting Chair Jerome Powell's view that price growth is under control.
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.
Zero-yield bullion tends to be a preferred investment amid lower interest rates and geopolitical turmoil.
"I see good support for gold prices around $2,450-$2,460. By year-end, gold should trade around $2,600, driven by Fed policy easing and persistent geopolitical tensions," said Peter Fung, head of dealing at Wing Fung Precious Metals.
The persistent Middle East tensions due to the Israel-Hamas conflict have fuelled safe-haven buying this year.
Israeli forces are close to fulfilling their mission in Gaza and their focus will turn to the country's northern border with Lebanon as daily exchanges of fire with Hezbollah take place, Defence Minister Yoav Gallant said on Tuesday.
Among other metals, spot silver XAG= was up 0.6% at $28.54 per ounce, platinum XPT= gained 0.8% to $944.95 and palladium XPD= rose 1.5% to $979.58.
Spot gold price in USD per oz https://reut.rs/3ToYaKt
Reporting by Daksh Grover and Ashitha Shivaprasad in Bengaluru; Editing by Rashmi Aich, Sumana Nandy and Sherry Jacob-Phillips
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