Gold, silver on track for 2nd straight month of gains
U.S. Q3 GDP uptick failed to sway ratecut bets analyst
Dollar set to log worst month in a year
U.S. PCE data due at 1330 GMT

Nov 30 Reuters Gold prices consolidated in a tight range on Thursday, hovering close to a near sevenmonth high, as investors awaited a key inflation print to gauge whether interest rate cuts in the U.S. would come sooner than expected.

Spot gold was down 0.1 at 2,041.76 per ounce by 0543 GMT, after hitting its highest since May 5 on Wednesday, and was poised for its second straight monthly gain. Bullion was trading in a range of about 5 on Thursday.

U.S. gold futures for December delivery fell 0.2 to 2,042.40 per ounce.

Prices seem to be taking a slight breather in today39;s session, with some waitandsee, IG market strategist Yeap Jun Rong said, ahead of the U.S. personal consumption expenditure data the Fed39;s preferred inflation gauge at 1330 GMT.

Despite the U.S. Q3 GDP posing an upside surprise overnight, the data failed to sway market ratecut bets, as sentiments continue to take cues from more recent Fed officials39; comments.

Federal Reserve officials this week flagged the possibility of a rate cut in the upcoming months and expected growth to slow down and inflation to continue to ease, dragging yields on 10year Treasury notes to a twoandahalf month low of 4.2470.

Lower interest rates reduce the opportunity cost of holding noninterestbearing bullion.

Traders have now…