IRPR indicates traders pricing in three 25bps cuts
PCE inflation data due Thursday
10 Fed officials due to speak this week

Feb 27 Reuters Gold prices edged up on Tuesday as the dollar softened, while investors awaited a key U.S. inflation report in a week filled with data releases and speeches from Federal Reserve officials for cues into the central bank39;s potential ratecut timings.

Spot gold was up 0.1 at 2,033.34 per ounce, as of 0620 GMT. U.S. gold futures rose 0.2 to 2,043.00 per ounce.

The dollar traded weaker, making greenbackpriced bullion relatively less expensive for other currency holders.

Ahead of inflation number we expect some kind of consolidation. We expect gold to trade in a very narrow range … bias will be 39;sell39; on jump, said Ajay Kedia, director at Kedia Commodities in Mumbai.

The support for gold follows Japan and the UK entering into a technical recession, a trend reflected in the goldsilver ratio, which is currently at 90 , Kedia said. But, there is no change in war premium, everything has been already priced in.

Recent remarks from Fed policymakers suggested that the U.S. central bank was in no hurry to cut interest rates, largely cementing bets against any rate cuts before June.

Markets are currently pricing in about 79 basis points of rate cuts for 2024, with a 61 chance of the first quarterpoint cut occurring in June, according to LSEG39;s interest rate probability app, IRPR.

Lower interest rates boost the appeal of holding…