PCE inflation data due at 1330 GMT
Seven Fed officials are due to speak this week

Feb 29 Reuters Gold prices were steady on Thursday, as traders held back from taking fresh positions ahead of key U.S. inflation data due later in the day, which could provide more clues into the Federal Reserve39;s interest rate trajectory.

Spot gold was steady at 2,036.42 per ounce, as of 0701 GMT. U.S. gold futures edged 0.1 higher to 2,045.00.

Spot gold was little changed on a monthonmonth basis so far, after logging a 1.2 decline in January.

The personal consumption expenditures PCE data is significant, with an upside surprise bringing downside risk for gold … Bullion is rangetrading at the moment and it39;s a surprise that it39;s holding up this well, said Kyle Rodda, a financial market analyst at Capital.com.

The U.S. PCE inflation data the Fed39;s favoured measure of inflation is due at 1330 GMT.

Fed officials this week said there39;s still some distance left to cover in achieving the 2 inflation target, but the door is opening for interest rate cuts, which could likely arrive later this year.

Lower interest rates boost the appeal of holding nonyielding bullion.

At least seven more Fed officials are due to speak on Thursday and Friday.

Traders have trimmed bets to three quarterpoint rate cuts in the U.S. for 2024, from bets of five cuts a month ago. Hopes of the first cut arriving in May have also receded this month, and a cut is now expected in June.

The U.S….