Gold prices swung in a narrow range in early trading on Thursday as investors turned their focus to U.S. economic data that could provide further clues on when the Federal Reserve might cut interest rates.
price movement
Spot gold was up 0.2 percent at $2,314.26 an ounce by 0456 GMT. U.S. gold futures were down 0.1 percent at $2,321.
Weekly US jobless claims data is due at 1230 GMT and the University of Michigan consumer sentiment reading is due on Friday. CPI data is due next week.
Despite the market expecting a rate cut in September, gold traders are cautious about making big moves, said Ajay Kedia, director of Kedia Commodities in Mumbai. If the US inflation report comes out higher than expected, prices could fall to $2,290.
According to the CME FedWatch tool, traders currently expect about a 66 percent chance of a U.S. rate cut in September.
Lower interest rates reduce the opportunity cost of holding gold.
As for other precious metals, silver rose in spot transactions by 0.7 percent to $27.53, platinum rose by 0.8 percent to $982.10, while palladium rose by 0.5 percent to $956.13.
