Gold is confined to a narrow range with focus on US inflation data

Gold prices fell in limited trading on Tuesday as investors awaited more US economic data this week that may shed light on the Federal Reserve’s monetary policy outlook.

By 0535 GMT, gold in spot transactions fell 0.1 percent to $2,024.49 per ounce. US gold futures also fell 0.1 percent to $2,038.

Federal Reserve Chairman Jerome Powell said last week that historic tightening of monetary policy is likely to end as inflation declines faster than expected and discussions about lowering borrowing costs emerge.

Investors are awaiting a slew of US economic data this week, including the November Personal Consumption Expenditures (PCE) report due on Friday, the central bank’s preferred measure of core inflation.

As for other precious metals, silver rose in spot transactions 0.3 percent to $23.84 per ounce, while platinum fell 0.2 percent to $943.39 and palladium settled at $1,181.98.