Jan 10 (Reuters) - Gold prices held steady on Wednesday, as investors refused to make big bets ahead of a key U.S. inflation print that could offer more clarity on when the Federal Reserve might begin cutting interest rates. FUNDAMENTALS * Spot gold rose 0.1% to $2,031.30 per ounce, as of 0151 GMT, trading in a range of about $4. * U.S. gold futures rose 0.2% to $2,036.90 per ounce. * Bullion prices stood ground even as the dollar index ticked up and yields on 10-year U.S. Treasury notes remained above 4%. * Traders are on lookout for Thursday's U.S. consumer price inflation report that is expected to show headline inflation rose 0.2% in the month and by 3.2% on an annual basis. , * An official U.S. report revealed that consumers expect a decline in inflation while Fed Governor Michelle Bowman stated that the U.S. central bank's monetary policy seems "sufficiently restrictive". * Lower interest rates decrease the opportunity cost of holding non-yielding bullion. * Market participants are pricing in an about 62% chance of a rate cut by the U.S. central bank in March, according to the CME FedWatch tool. * Australia's inflation slowed to a near two-year low in November and core inflation also eased sharply, a softer-than-expected result that reinforced market expectations that interest rates would not need to rise any further. * Australian shares fell, dragged down by mining and gold stocks, while Japan's benchmark Nikkei average opened up 0.4% higher. * Spot silver was steady at $22.96 per ounce, while platinum rose 0.2% to $931.75, and palladium gained 0.5% to $983.39. DATA/EVENTS (GMT) 0745 France Industrial Output Nov 1500 US Wholesale Invt(y), MM Nov 1800 US 10Y Note Auc -- 2015 US Fed's Williams speaks -- 2350 Japan Foreign Reserves Dec (Reporting by Harshit Verma in Bengaluru; Editing by Rashmi Aich)
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30.38 USD | -2.56% | +0.77% | - | ||
1.274 USD | 0.00% | +0.38% | - | ||
1.084 USD | +0.13% | +0.31% | - | ||
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0.6652 USD | 0.00% | +0.79% | - | ||
0.6142 USD | 0.00% | +0.75% | - | ||
0.012 USD | -0.14% | -.--% | - | ||
- PTS | -.--% | +1.02% | - | ||
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