Markets await US PCE data due on Friday
China39;s July net gold imports via Hong Kong up 17
US consumer confidence at sixmonth high

Aug 28 Reuters Gold prices slipped on Wednesday as the dollar ticked up, while investors awaited a key U.S. inflation report due this week for more clarity on the size of a likely September rate cut.

Spot gold fell 0.7 to 2,507.64 per ounce by 0531 GMT. Bullion hit a record high of 2,531.60 on Aug. 20.

U.S. gold futures were down 0.4 to 2,542.80.

The dollar index was up 0.3, diminishing gold39;s attractiveness for foreign currency holders.

Market seems to be waiting for a catalyst to ignite the potential bullish breakthrough above that 2,532 level, said Kelvin Wong, OANDA39;s senior market analyst for Asia Pacific.

The shortterm trend for gold remains strong, with the potential to hit new highs. In the longer term, it may face resistance around the 2,585 to 2,595 range, Wong added.

Market participants are looking forward to the release of the U.S. personal consumption expenditure PCE data, the Federal Reserve39;s preferred measure of inflation, on Friday.

Traders have fully priced in a Federal Reserve easing for next month, with a 67 chance of a 25basispoint cut and about 33 chance of a bigger 50bp reduction, according to the CME FedWatch tool.

Nonyielding bullion tends to thrive in a lowinterestrate environment.

Fed Chair Jerome Powell last week endorsed an imminent start to rate cuts and expressed confidence that inflation is…