Mumbai, 19 Feb (Commoditiescontrol): Gold prices edged up on Monday, supported by a softer dollar, as the bullion partially recovered from a slump last week on hot U.S. inflation data that cooled prospects of early rate cuts by the Federal Reserve.
Spot gold was up 0.2% at $2,017.77 per ounce. Bullion lost 0.5% last week. U.S. gold futures edged 0.3% higher to $2,029.80 per ounce.
The dollar index was down 0.1%, making greenback-priced bullion more affordable to overseas buyers.
Last week, bullion fell to a two-month low after data showed consumer prices rose more than expected last month, but it recouped some of its losses later in the week after U.S. retail sales fell more than expected in January.
Federal Reserve Bank of Atlanta President Raphael Bostic said that while he needs more data to convince him inflation pressures are truly falling, he's open to lowering rates at some point in the next few months.
Chicago Fed President Austan Goolsbee cautioned against delaying rate cuts for too long even after data showed consumer prices rose more than expected in January.
Traders have pushed back their expectations of a U.S. interest rate cut from March to June. Markets are currently pricing a 77% chance of a cut in June, according to the CME Fed Watch Tool.
Most U.S. markets will remain closed on Monday for the President's Day holiday.
Spot platinum fell 0.2% at $904.27 per ounce, palladium rose 1.2% at $960.76, while silver was down 0.2% at $23.35 per ounce.
(By Commoditiescontrol Bureau: 09820130172)
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