Gold prices gained on Wednesday as investors keenly await key U.S. inflation data for signs of how close interest rates are to peaking.
Spot gold was up 0.7% at $2,017.09 per ounce, as of 0624 GMT. U.S. gold futures rose 0.7% to $2,032.60.
All eyes are on the U.S. consumer price index data, due at 1230 GMT, for clues on the Federal Reserve's rate hike path. Gold is considered an inflation hedge, but rising interest rates reduce the appeal of non-yielding bullion. Gold could continue to drift higher "as early birds place their bets on a soft inflation report," said Matt Simpson, senior market analyst at City Index.
"A soft inflation print could send gold prices above $2,032 to mark a fresh YTD high, given the inverted yield curve, talks of
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