by Anushree Ashish Mukherjee
Reuters.com
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 rose 0.3% to $2,512.38 per ounce by 14:03 p.m. ET (1803 GMT). U.S. gold futures 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.