Gold Prices Edge Higher as Key U.S. Inflation Data Looms

by Sherin Elizabeth Varghese

May 14 (Reuters) – Gold prices drifted up on Tuesday, with spotlight shifting to key inflation reports due this week, which could offer more insights on the pace and scale of the U.S. Federal Reserve’s interest rate cuts this year.

Spot gold was up 0.2% at $2,340.77 per ounce by 0306 GMT after falling 1% on Monday.

U.S. gold futures rose 0.2% to $2,346.30.

The U.S. producer price index data is scheduled for release at 1230 GMT, followed by the consumer price index on Wednesday. The CPI data is expected to show core inflation rose 0.3% month-over-month in April, down from 0.4% the prior month, according to a Reuters poll, pulling the annual rate down to 3.6%.

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