Gold snaps losing streak ahead of US inflation print
U.S. CPI data due at 1230 GMT
Gold to reach $2,850/oz by mid-2025 - UBS
Platinum climbs more than 1%
Add details, comments and updates prices
By Daksh Grover
Oct 10 (Reuters) -Gold prices recovered slightly on Thursday to snap a six-session losing streak, while traders remain focused on a key U.S. inflation reading for insights on a potential rate reduction by the Federal Reserve this year.
Spot gold XAU= was up 0.3% at $2,615.19 per ounce, as of 0833 GMT. U.S. gold futures GCcv1 edged 0.2% higher to $2,632.30.
"Expectations of further rate cuts are giving a modest lift to gold, despite much firmer Treasury yields and U.S. dollar," independent analyst Ross Norman said.
The U.S. dollar strengthened to a 10-week peak against the yen and Treasury yields climbed as investors continued to price in a less-aggressive monetary easing cycle from the Fed. USD/ US/
Investors await the U.S. Consumer Price Index (CPI) for September, due at 1230 GMT, which is expected to show core inflation holding steady at a 3.2% year-on-year basis, according to economists polled by Reuters.
Their focus will shift to U.S. Producer Price Index data on Friday.
"By the end of today when the (CPI) data comes out, we expect gold prices to potentially challenge the $2,640 level," said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.
San Francisco Fed President Mary Daly expressed on Wednesday strong support for last month's half-percentage-point rate cut, indicating that one or two more cuts may be likely this year if the economy evolves as expected.
"We also continue to see strong central bank purchases for gold, and believe that uncertainty around the fast-approaching U.S. election should support the bullion," USB said in a note, adding that they forecast gold to reach $2,850 per ounce by mid-2025.
Spot silver XAG= was steady at $30.51 per ounce, platinum XPT= added 1.2% to $956.50 and palladium XPD= added 0.4% to $1,043.74.
Spot gold price in USD per oz https://reut.rs/4eVhzLw
Reporting by Daksh Grover in Bengaluru; Editing by Sherry Jacob-Phillips
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