Spot gold may retest support of 2,012Oz technicals
U.S. CPI due at 1330 GMT
China, Hong Kong on holiday

Feb 13 Reuters Gold prices edged up on Tuesday, ahead of a U.S. inflation report that could give fresh perspective on the timing of the Federal Reserve39;s first rate cut.

Spot gold was up 0.2 to 2,023.89 per ounce Oz, as of 0733 GMT, after briefly slipping to a more than twoweek low of 2,011.72Oz on Monday.

U.S. gold futures also ticked up 0.2 to 2,037.50Oz.

All eyes are on the January U.S. consumer price index CPI inflation data due at 1330 GMT. Americans reported a fairly stable outlook for inflation at the start of the year, a New York Fed survey showed.

A soft CPI print could cause the U.S. dollar and bond yields to lose momentum, which could see gold make a run higher, said Tim Waterer, chief market analyst at KCM Trade.

Economists polled by Reuters see yearonyear CPI at 2.9 in January, down from 3.4 in December, and think core CPI also slowed to 3.7, from 3.9 in the previous month. 

Trading in gold has been fairly steady today but with a mild downside bias, perhaps because key U.S. economic indicators have tended to beat on the upside in recent months, said Waterer.

Spot gold may retest support of 2,012Oz, a break below which could open the way towards 2,002Oz, according to Reuters technical analyst Wang Tao.

Traders are pricing in four quarterpoint rate cuts by the U.S. central bank this year, with a 62 chance of the first one arriving in May,…