Gold bounces from two-week low, markets await US inflation data
GLD•Other precious metals
Among other metals, spot silver XAG= rose 0.6% to $58.00 per ounce, and palladium XPD= climbed 1.5% to $1,265.79.
Platinum XPT= dropped 0.2% to $1,601.51.
Dollar pause supports bullion
"Gold prices are edging higher today, supported by a pause in the U.S. dollar's recent rally," said ActivTrades analyst Ricardo Evangelista.
The U.S. dollar index .DXY was down 0.2%, making dollar-priced bullion less expensive for holders of other currencies.
Investors await the June U.S. CPI data, along with Fed Chairman Kevin Warsh's first semi-annual congressional testimony, both due later in the day.
"A CPI reading above the region of 3.8% could reinforce expectations of a hawkish Federal Reserve and create a headwind for gold prices," Evangelista said.
Elevated oil prices have heightened inflation concerns, strengthening the case for the Fed to keep rates higher and reducing non-yielding gold's appeal.
Gold edges higher after two-week low
July 14 (Reuters) - Gold ticked higher on Tuesday after hitting a two-week low, while focus was on the U.S. Consumer Price Index data and Federal Reserve Chair Kevin Warsh's testimony for monetary policy clues.
Spot gold XAU= rose 0.5% to $4,019.50 per ounce by 0821 GMT, after falling to its lowest level since July 1 earlier in the session.
U.S. gold futures GCcv1 for August delivery gained 0.5% to $4,026.20.
