Gold holds steady with spotlight on key US inflation data
Sept 27 (Reuters) -Gold held its ground on Friday after hitting a record high in the previous session on mounting expectations of another big U.S. interest rate cut this year, while market participants awaited a key inflation report for further direction.
FUNDAMENTALS
* Spot gold XAU= was steady at $2,670.50 per ounce, as of 0028 GMT. Bullion hit a record high of $2,685.42 on Thursday.
* Bullion prices have risen more than 29% so far this year, smashing record highs several times on U.S. rate-cut hopes, safe-haven demand and robust central bank buying.
* U.S. gold futures GCcv1 edged 0.1% lower to $2,692.70.
* Data on Thursday showed that U.S. weekly jobless claims fell by 4,000 to a four-month low of 218,000, below the 225,000 forecast by economists in a Reuters poll.
* The Federal Reserve delivered a 50-basis-point rate cut at its last policy meeting and traders see a 51% chance of another half-percentage-point reduction in November, according to CME FedWatch Tool.
* Lower interest rates reduce the opportunity cost of holding bullion, which is also viewed as a safe asset during economic and political turmoil.
* Market focus is now on the core personal consumption expenditures price index data, the Fed's preferred inflation gauge, due later in the day.
* China's monthly net gold imports via Hong Kong dropped 76% to their lowest in more than two years in August, according to data on Thursday.
* Spot silver XAG= fell 0.4% to $31.91 per ounce, after hitting a 12-year peak in the previous session.
* Silver prices have bubbled up to their highest in more than a decade on the back of bullion's stellar bull run and China's stimulus measures, although some analysts expect the rally to fade as industrial sector demand remains a concern.
* Platinum XPT= was steady at $1,006.65 and palladium XPD= shed 0.4% to $1,043.22.
DATA/EVENTS (GMT)
0500 Japan Leading Indicator Revised July
0645 France CPI (EU Norm) Prelim YY Sept
0645 France CPI (EU Norm) Prelim MM Sept
0645 France CPI Prelim YY NSA Sept
0645 France CPI Prelim MM NSA Sept
0745 France Producer Prices YY Aug
0755 Germany Unemployment Chg SA Sept
0755 Germany Unemployment Rate SA Sept
0900 EU Consumer Confid. Final Sept
1230 US Consumption, Adjusted MM Aug
1230 US Core PCE Price Index MM Aug
1230 US Core PCE Price Index YY Aug
1230 US PCE Price Index MM Aug
1230 US PCE Price Index YY Aug
1400 US U Mich Sentiment Final Sept
Reporting by Daksh Grover in Bengaluru; Editing by Subhranshu Sahu
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