Gold prices rose in early trading on Tuesday, as attention turned to important U.S. inflation data due this week that could provide clues about the pace and amount of interest rate cuts by the Federal Reserve this year.
Update prices
Spot gold was up 0.4 percent at $2,344.39 an ounce by 0557 GMT, after falling 1 percent on Monday.
US gold futures rose 0.3 percent to $2,350 an ounce.
US producer price index data is due at 1230 GMT, followed by consumer price index data on Wednesday.
Consumer price index data is expected to show core inflation rose 0.3 percent month-on-month in April, down from 0.4 percent the previous month, according to a Reuters poll, taking the annual rate down to 3.6 percent.
Gold is known to be a hedge against inflation but higher interest rates reduce the opportunity cost of holding the yellow metal.
Among other precious metals, spot silver rose 0.8 percent to $28.41 an ounce, platinum rose 0.6 percent to $1,002.90 after hitting its highest in nearly a year. Palladium rose 0.8 percent to $968.43 an ounce.
