Fed39;s Bowman inflation will decline with rates held steady
Bullion hit its lowest since June 10 on Wednesday
U.S. PCE data due on Friday

June 27 Reuters Gold prices steadied but hovered around a twoweek low on Thursday, while investors awaited U.S. inflation data for insights into how soon the Federal Reserve will cut interest rates.

Spot gold was little changed at 2,300.82 per ounce, as of 0715 GMT. Bullion fell to its lowest since June 10 on Wednesday.

U.S. gold futures shed 0.1 to 2,311.30.

The dollar hovered near an eightweek high, making bullion more expensive for other currency holders, while benchmark 10year U.S. yields also held firm.

The ascent by the U.S. dollar accompanied by rising bond yields have left the gold price swimming against the tide, said Tim Waterer, chief market analyst at KCM Trade.

Fed Governor Michelle Bowman on Wednesday reiterated her baseline view that inflation will decline further with the policy rate held steady, and that rate cuts will eventually be appropriate if inflation does move sustainably toward 2.

Data due this week includes U.S. firstquarter gross domestic product estimates, expected at 1230 GMT, and the personal consumption expenditures PCE inflation data on Friday.

If the core PCE print leaves financial markets pessimistic about when that first Fed interest rate cut may occur, gold could slip back towards the 2,270 level, Waterer added.

While bullion is considered an inflation hedge, higher rates increase the…