Gold prices inch higher with US inflation data in focus
U.S. data due at 1230 GMT
ANZ upgrades short-term silver forecast to $34
Platinum climbs nearly 2%
Adds graphic and updates prices
By Ashitha Shivaprasad
Oct 10 (Reuters) -Gold prices nudged higher on Thursday, while traders await key U.S. inflation data due later in the day to gauge the Federal Reserve's future monetary policy stance.
Spot gold XAU= was up 0.2% at $2,613.49 per ounce, as of 0727 GMT, after easing for the previous six sessions. Prices scaled a record high last month.
U.S. gold futures GCcv1 gained 0.2% at $2,630.90.
The U.S. Consumer Price Index (CPI) for September is due at 1230 GMT and Producer Price Index (PPI) data on Friday.
"If core CPI comes hotter, U.S. Treasury yields will go higher and that is bad for gold. I think there is room for prices to come down, but don't necessarily see a downtrend in the big picture," said Ilya Spivak, head of global macro, Tastylive. US/
Markets see an 85% chance of a 25-basis-point Fed rate cut in November. FEDWATCH
A "substantial majority" of Fed officials at the September meeting supported beginning an era of easier monetary policy with an outsized half-point rate cut, but agreed that further easing will be data-driven, according to its minutes.
The zero-yielding bullion is preferred in a low-interest rate environment as well as amid periods of economic and geopolitical turmoil.
Analysts at BMI increased their 2024 gold price forecast to $2,375 from $2,250, and noted that a potential Fed rate reduction comes against a myriad of geopolitical tensions, with the Middle East jitters and the upcoming U.S. presidential elections at the forefront.
Meanwhile, Israel's plans to strike Iran added to concerns of wider conflict in the Middle East.
Spot silver XAG= edged 0.1% higher to $30.53per ounce.
ANZ upgraded its short-term silver forecast to $34. "Solid industrial demand and stagnant supply are expected to widen the market deficit, presenting a strong investment case," it said.
Platinum XPT= added 1.9% to $963.35 and palladium XPD= firmed 1.1% to $1,050.52.
Spot gold price in USD per oz https://reut.rs/3U3iPUJ
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips, Eileen Soreng and Janane Venkatraman
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