Gold prices rose slightly on Thursday, supported by a weaker dollar and hopes for a U.S. interest rate cut, while focus shifted to key U.S. inflation data.
Spot gold was up 0.5% at $2,513.77 per ounce by 0250 GMT. The metal hit an all-time high of $2,531.60 on Aug. 20 and has gained 22% so far this year.
US gold futures also rose 0.4% to $2,546.80.
The dollar fell 0.1%, making gold more attractive to holders of other currencies. U.S. Treasury yields also fell.
Gold looks strong in the long term but a short-term pullback is possible, especially if any data dampens expectations for a rate cut, said Kyle Rodda, a financial markets analyst at Capital.com.
Non-yielding gold is more attractive in a low interest rate environment.
Investors are awaiting US jobless claims and GDP data due at 1230 GMT.
Personal consumption expenditure data is also due out on Friday and could provide further clues on the path of interest rates.
According to the CME FedWatch tool, traders are confident the Fed will cut interest rates next month. A 65.5% chance of a 25 basis point cut, while 34.5% see a larger 50 basis point cut.
Atlanta Federal Reserve President Raphael Bousik said Wednesday that with inflation low and unemployment high, it may be time to move toward lowering interest rates, but he remained cautious.
Among other precious metals, spot silver rose 0.91% to $29.38 an ounce. Platinum rose 0.5% to $934.52. Palladium gained 0.3% to $948.95.
