May 21 (Reuters) - Gold prices inched up on Tuesday, hovering near a record peak hit in the previous session as recent economic data boosted bets that the U.S. Federal Reserve would start cutting interest rates later this year.


* Spot gold was up 0.1% at $2,428.14 per ounce, as of 0110 GMT. Bullion hit a record high of 2,449.89 on Monday.

* U.S. gold futures fell 0.3% at $2,431.80.

* Data showed that U.S. consumer prices increased less than expected in April, suggesting that inflation resumed its downward trend, boosting expectations for a September rate cut.

* However, Fed officials are not ready to say inflation is heading to the U.S. central bank's 2% target despite last week's cooling data, with several calling for continued policy caution.

* Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.

* Anglo American shareholder Legal & General Investment Management (LGIM) supports the break-up plan announced by the company last week as the deadline approaches for BHP Group to log a formal takeover offer.

* Shares of Chinese developers wobbled as investors fretted that China's "historic" steps to stabilise its crisis-hit property sector fell short of what is required to foster a sustainable turnaround in demand and confidence.

* Investors' risk appetite shows no sign of waning, which in the absence of any major market-moving economic data or events in Asia should pave the way for further gains across the continent when trading gets underway.

* Elsewhere, the International Criminal Court's prosecutor said he had requested arrest warrants for Israeli Prime Minister Benjamin Netanyahu, his defence chief and three Hamas leaders over alleged war crimes.

* Spot silver rose 1.3% at $32.25 per ounce, platinum was down 0.1% at $1,045.80 and palladium lost 0.4%to $1,023.25.

DATA/EVENTS (GMT) 0900 EU Total Trade Balance SA March (Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Rashmi Aich)